This is according to the latest RMB/BER Business Confidence Index which dropped from 46 to 42 in the second quarter – a similar level to that recorded in the second half of 2021.
Various shocks over the past year have contributed to keeping confidence this low and many uncertainties remain, the Bureau for Economic Research said. Although the impact some of these shocks have had on the BCI is wearing off, there is plenty for businesspeople to still be anxious about, the group said.Global energy and food prices are likely to remain high for longer;The stagflationary shock amplified by the raging Russia-Ukrainian war will see GDP growth in two of South Africa’s key trading partner countries, the UK and Europe, moderate sharply.Rising inflation and increasing interest rates will continue to erode households’ spending power.
Source: News Formal (newsformal.com)
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