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South Africa’s economy has had a mixed recovery from the global shocks caused by the COVID-19 pandemic in 2020 and the Russia-Ukraine conflict in 2022. The South African Reserve Bank (SARB) has an explicit inflation target band of 3-6%. The Government of South Africa has followed prudent fiscal policy by raising government spending during economic downturn and decreasing public spending during economic recovery. South Africa’s external sector has returned to its structural balance after recovering from the global shock caused by the COVID-19 pandemic in 2020 and benefitting from the higher commodity prices in the aftermath of the Russia-Ukraine conflict. South Africa is scheduled to hold its national elections in 2024. If the ANC lose popularity, as they have been since the last national elections, there is a likelihood of a coalition-led government in the upcoming elections in 2024. Read more accurate and balanced analysis of the political economy in South Africa here: https://politicaleconomy.org.za/2023/12/pesa-editorial-on-south-africa-1h2023-24/.
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