Toughest times ahead of South Africa

JOHANNESBURG – Chief economist for Allianz Ludovic Subran said emerging economies like South Africa will have a difficult 18 months ahead because of the COVID-19 pandemic.

He said the economy of India, which still believed it could grow to be the next China, would also only recover in 2022.

Meanwhile, Chinese economist Shen Jiashuang said that China was recovering but he warned that consumer demand still remained lower than production.

The two were panellists on a world economic forum webinar on the global economic outlook
Subran explained:

“…And I think this is going to be a difficult 18 months for countries like Brazil, Israel, South Africa and these other borderline emerging advance economies, which have a service economy that is quite important.”

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