SOUTH AFRICA MACRO INSIGHTS

South Africa stands at the other side of the political spectrum, with May elections contributing to enduring policy uncertainty. Incumbent President Cyril Ramaphosa was victorious, but a weaker mandate may disrupt the continuity of economic reforms and delay the reversal of lacklustre economic forecasts. Of particular importance in 2019 will be whether Moody’s decides to maintain South Africa’ s sovereign rating at investment grade given the recent bailout of the state power company, Eskom, for which the state is guarantor to growing liabilities

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