Economic outlook ‘fairly promising’

2010-04-22 13:39

The outlook for South Africa’s economy is fairly promising,

according to Stellenbosch University’s Bureau for Economic Research (BER)

director Professor Ben Smit.

Smit was addressing a conference in Sandton themed “The SA Economy

After the Global Crisis”, hosted by the BER.

Smit said: “Last year this time we were much less certain of the

future. Now we can be more relaxed.”

Domestic inflation appeared to be well contained, he said: “The

inflation rate has recovered from its peak of 13.7% in August 2008 to its latest

figure of 5.7% and it should decline marginally further during the course of

this year.”

Smit said food prices remained “very low” and continued low

inflation in the advanced economies of the world boded well for the country’s

inflation rate over the short term.

Turning to the rand, Smit added that he expected it to depreciate

moderately to levels of R7.85 and R8.38 against the dollar in the last quarters

of 2010 and 2011.

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