PUBLISHER: Freight News (www.freightnews.co.za)
South Africa’s economy has bounced back to pre-Covid-19 output levels – but tough times still lie ahead as economists anticipate further interest rate and petrol price hikes in the coming months.
PwC’s latest Economic Outlook Report released on Thursday highlighted that public and private services sectors had been the first industries to return to pre-pandemic levels.
South Africa’s GDP contracted by 6.4% during pandemic-hit 2020 and recorded a bounce-back growth rate of 4.9% in 2021 as the world emerged from lockdowns.