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Business sentiment improved in the first quarter of 2022, adding a positive tone to the economy as it recovered from the spread of the Omicron variant of the coronavirus towards the end of 2021.

Eskom and global geopolitical instability have emerged as major risks and the respite may prove to be short-lived as respondents were surveyed before the Russian invasion of Ukraine that has roiled global markets and pushed oil prices above $130 a barrel. SA is now facing a double whammy from supply shocks that might derail the global economy, and the possibility that an inflation spike will lead to sharply higher interest rates locally...

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