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Brief note intended as a more regular interface with our clients. The emphasis is to provide our interpretation of important economic events, such as South African Reserve Bank interest rate statements, and key data releases, including GDP growth figures.
While the most severe global recession since the Second World War ended some time ago, the fallout from the crisis continues to (periodically) haunt global financial markets. The latest source of concern is heavily indebted (mainly Southern, although not exclusively) European countries, most notably Greece. Despite recent upbeat data releases on the global real economy, in our view the most important conclusion from the European difficulties is that for the foreseeable future, the balance of risks for the global (and SA) economy is tilted on the downside.
