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South Africa’s turnaround is happening out of sight | SA News

 ·12 Jul 2025

The chaos wrought by a recent wave of US tariff actions may be obscuring early signs of recovery in South Africa’s economy, Standard Bank Group Ltd. said. 

The recent downward revisions to the country’s growth outlook are “mostly a function of international flux, not so much a function of domestic concerns,” said Goolam Ballim, chief economist at Africa’s largest bank by assets. “It is international headwinds that have caused us to revise.”

Standard Bank cut its 2025 growth forecast to 1.1% from 1.8% at the beginning of the year and the…

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