What South Africans think about the economy

South Africans are under no illusion when it comes to the economic state of the country, according to a new poll which tracks citizens perceptions of macroeconomics.

The poll, conducted by market research company Ipsos, examines citizens’ assessment of current state of their country’s economy.

The report, titled: The Economic Pulse of the World, is based on 19,008 recent interviews in 27 countries around the world.

When asked the following: How would you describe the current economic situation in South Africa? Only 12% of respondents said that the situation was ‘good’.

Only Brazil’s was below South Africa on the list at 4%, which dragged down the global average of 39%.

The poll, taken over December 2015, is down from 23% in December 2014.

Economists believe that South Africa is at risk of recession due to a struggling manufacturing sector and money leaving South African shores rapidly in the wake of a weakening rand.

The country managed to narrowly avoid hitting recession in 2015, though it came close in the third quarter of the year when economic growth hit 0.7% following a contraction of 1.3% in Q2.

On Sunday evening, the rand slumped to its worst ever level of R17.99 against the dollar, but has since recovered R16.49 on Wednesday. Economists however, warn that the danger is not over for the local currency.

Only 11% of respondents from South Africa agreed with the question: Looking ahead 6 months from now, do you expect the economy in your local area to be much stronger, somewhat stronger?

South Africa is below only South Korea, Belgium, Sweden, and France, which has been gripped by terrorist attacks.

More on South Africa

South Africa on the edge of a recession

Here are your banking fees for 2016

How the rand crisis and a rate hike will impact you

Must Read

Partner Content

Show comments

Trending Now

Follow Us

What South Africans think about the economy