Skipping round a week of intense meetings in Johannesburg in the past week I was generally the more optimistic one, relatively speaking.

There seems to be a residual and hard-to-budge gloom and scepticism, even in the face of some narrow evidence of progress in reforms. What freaks me out as an analyst is the risk that we miss some turning point as animal spirits kick into gear to cause growth to leap meaningfully higher. But it seems there is little risk of that at the moment. Investment interests remain narrow and largely energy (and load-shedding mitigation) focused...

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