PETER ATTARD MONTALTO: GNU must plant seeds now to get fruits of growth next year
Three interrelated drivers are key: change in sentiment, bank lending and a flatter yield curve
When do we get a government of national unity (GNU) growth spurt? The underlying direction of travel and reform momentum looks set, but when does the growth actually arrive, given we need to create some employment? It’s easy to talk about longer term and higher — perhaps more capital-intensive — growth through the end of this administration, or even in a year’s time, but what about now?
While I am continually trekking around clients holding forth on the outlook, the past two weeks saw a particularly intense set of meetings with business big cheeses. The vibe remains the same as with foreign and local portfolio investors. A restocking of goodwill and generally warm vibes, but little real action yet to open the taps in a meaningful way...
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