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Vol 54 No 1

Published 11th January 2013

South Africa

The economic fightback

Downgraded by the rating agencies and facing spiralling trade and budget deficits, South Africa needs its policy makers to make some tough decisions this year. Many will involve a messy confrontation with organised labour as deep cracks appear in President Jacob Zuma’s strategy of ‘Talk left, act right.’ The current account deficit may hit the tipping point of more than 6% in 2013 if foreign investment slows again and the trade deficit will widen further, since mineral exports have fallen due to the miners’ strikes. Yet by dint of geology, South Africa will continue to dominate the supply of many minerals.

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