The business confidence index, compiled quarterly by Rand Merchant Bank and Stellenbosch University’s Bureau for Economic Research, fell by three points to 28 in the first quarter of 2019 — with more than seven out of 10 businesspeople unsatisfied with current conditions.
Depressed business confidence does not bode well for the economy, already under immense pressure from load-shedding, prolonged strikes in the primary sectors of the economy and slower global growth. Growth forecasts for the year are already tepid, with the economy expected to expand by less than 2%. Four of the five sectors covered in the survey now have confidence levels in the low 20s. The wholesalers sector was at 40.
“Yet, as encouraging and necessary as these have been, measures such as these to first expose past corruption, and then to deal with rebuilding institutions, will only bear fruit in the longer term.”
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