Business confidence at levels last seen when PW Botha gave his Rubicon speech

Restoring confidence is the cheapest form of stimulus, says SA Reserve Bank governor Lesetja KganyagoIn a sign of the challenges facing President Cyril Ramaphosa as he seeks to boost the economy and attract investment, business is more gloomy than it has been since the turbulent 1980s when PW Botha’s infamous Rubicon speech entrenched SA’s pariah status.

Just four months after an election that was meant to reinforce his reformist credentials, Ramaphosa has faced increasingly loud calls from business leaders to enact changes needed to improve the investment climate. Two business confidence indicators on Wednesday painted a grim picture, suggesting the post-election optimism is all but gone.

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BUSINESS MAVERICK: Business confidence is in (extremely) short supplyMisery, it is often said, is a communicable disease. And so it is turning out for business confidence. Depression is feeding on itself, and that showed up on Wednesday 11 September in not one but two business confidence indices, which show pessimism is now at levels not seen in decades.
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Business confidence hits lowest since 1980sRMB and BER surveys show that more and more business people are simply giving up hope
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Business confidence hits lowest in at least 20 yearsThe BCI has not been this low since the 1998-1999 emerging-market debt crisis
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BUSINESS MAVERICK ANALYSIS: Emerging markets given a reprieve ahead of central bank meetingsEmerging markets, including South Africa, have been lifted by the tentative return of risk appetite to global financial markets. But much will depend on developed market central bank monetary policy moves over the next couple of weeks. With expectations high, they have a lot to deliver if they don’t want to disappoint.
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