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Banking
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INDUSTRY REPORT | SOUTH AFRICAN FINANCIAL INSTITUTIONS | FEBRUARY 2022 by GCR Ratings in 2022.
Institutions that connect savers and borrowers contribute to the smooth operation of economies.
Article Written by Kgati Mogashoa 02 April 2023.
The COVID-19 pandemic has caused tremendous shock in South Africa and the majority of the world over the past two years. After a sharp 6.4% decline in real GDP in 2020, it is anticipated that growth would rebound to between 4.5% and 5% in 2021. According to IMF predictions, real GDP growth would be sluggish in the upcoming years, possibly trailing most developed and emerging market peers. This illustrates the government's constrained fiscal space, the country's weak secondary sectors, policy uncertainties, labor conflicts, protracted infrastructure bottlenecks, high unemployment (about 35%), and considerable socioeconomic inequities. Government revenue has increased as a result of the mining industry, and the tertiary sector is still strong, but these factors won't be sufficient to support significant development in the near future.
Top tier banks' credit losses have returned to being below the long-term average.
References
INDUSTRY REPORT | SOUTH AFRICAN FINANCIAL INSTITUTIONS | FEBRUARY 2022 by GCR Ratings in 2022.
https://gcrratings.com/wp-content/uploads/2022/03/SA-Banking-Sector-2022-Outlook.pdf