South Africa

South Africa’s third quarter GDP was higher than expected although it fell by 6% year-on-year. The FTSE/JSE All Share Index earned 7% for the year. Minister Tito Mboweni’s call to cut public wages was backed by the Labour Court, putting R38 billion back in government coffers and strengthening South Africa’s financial position. It is expected that this is positive for foreign investors.

The current second wave of Covid-19 infections has shown higher infection rates, more contagious cases, a shorter incubation period and higher death rates. President Cyril Ramaphosa is balancing reducing infection rates and boosting public safety, while trying to bolster a failing economy and supporting businesses that have already taken huge financial strain.