Reserve Bank governor Lesetja Kganyago at the Reserve Bank head offices in Pretoria. Picture: FREDDY MAVUNDA
Bank governor Lesetja Kganyago will hold rates steady in January, 17 of 20 economists said, after cutting them a cumulative 300 basis points in 2020 as the pandemic swept the world.Inflation, which turned much weaker in 2020 compared to previous years, is expected to average 3.8% in 2021, lower than the midpoint of the Bank’s comfort range of 3-6%.
SA’s already overblown budget has been hamstrung by the coronavirus, setting the stage for difficult public sector wage and tax deliberations in the upcoming February budget, economists believe. SA’s economy is expected to grow 3.5% in 2021, the poll conducted this week showed, after a 7.4% contraction in 2020 predicted in a December poll.Daily reported cases of the coronavirus in SA flared to 20,000 in the past week, surpassing levels seen during the first wave of the pandemic. Hospitals in hotspots are full and face a shortage of beds, dwindling supplies of oxygen and a lack of intensive-care units.
Good news for the housing market in SA. Is this driving the current house building activity we are seeing?
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