The latest data suggests that developed markets are seeing some recovery, while emerging markets are now bearing the brunt. In South Africa, consumer activity is significantly lower and economic growth is expected to decrease by 8% this year and only increase by 4% next year. 

Loadshedding will continue to curb growth for at least 12 months, which means the economy will not recover quickly, but the rand is expected to strengthen over the next months. He also discusses why bonds could be a better option than equities at the moment.

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