It would appear,” Rand Merchant Bank and Stellenbosch University’s Bureau for Economic Research noted, ever so softly, that “more and more business people participating in the BER’s survey are simply giving up hope.” And this was the less depressing of the two indices.
This is the lowest level since the 1998-1999 emerging-market debt crisis and comes after expectations that the level would remain unchanged at 28 points. Four out of the five sectors that make up the BCI deteriorated in the third quarter, with the one sector that was holding up, wholesale trade, joining the others on a downward trend. The only upward movement came from motor car retailers.
RMB chief economist Ettienne le Roux echoed the comments of several business people quoted recently, saying:To further delay growth-boosting reforms that should have been implemented years ago — such as easing of immigration regulations, cutting red tape, auctioning spectrum and simplifying visa regulations — will simply perpetuate this vicious cycle SA is currently in.Time is not on our side, especially now that the global headwinds the country is facing are becoming ever-fiercer.
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