Typically, this type of disconnect is explained worldwide by the fact that equity markets are forward-looking, so they anticipate the recovery of an economy. However, structural impediments to SA’s future growth, including electricity supply constraints, inflexible labour markets and ineffective government growth initiatives, make it difficult to apply this theory domestically. Our local economy is forecast only to reach its pre-pandemic level by late 2023. China has already exceeded this level and the US is forecast to get there by mid-2021.

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