JABULANI SIKHAKHANE: World Bank warning spells bad news for SA economy
Interest rates have been raised and government budgets squeezed because of rising debt
The World Bank has warned of a potential fall in the global economy’s growth to its lowest in three decades over the remaining years of the 2020s. This is bad news for SA, whose economy has been stuck on a low-growth trajectory for more than a decade and where governance is weak in terms of both finances and human capabilities.
Although SA’s economic growth rate has long stopped tracking global growth, the vibrancy of the global economy still matters. The small SA economy is highly dependent on global markets for sustenance, particularly for the export of mineral and agricultural products and access to finance. ..
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