PwC lowers SA’s economic growth prospects for 2022 (IOL)

At the start of 2022, PwC’s downside economic scenario suggested real gross domestic product (GDP) growth of 1.6 percent this year and an average inflation rate of 5.6 percent. PwC yesterday said that its current baseline outlook was for 1.8 percent growth and 6.3 percent inflation, which is not far removed from this downside view from January. PwC chief economist Lullu Krugel said there were still many industries lagging behind in spite of the first quarter GDP growth returning the economy to its pre-pandemic size. Krugel said their baseline scenario for the country had deteriorated since the start of 2022 as a combination of local and international factors caused a weaker rand, higher consumer price inflation, a faster increase in interest rates, slower economic growth, and a continued rise in the unemployment rate. Click here to read full article.

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