Goldman sees upside for South African economy at rock bottom
JOHANNESBURG – Goldman Sachs Group Inc. sees a silver lining for South Africa: The economy is at its lowest point and the only way is up.
“The bad news is we are at 0.6% growth for 2019,” Colin Coleman, a partner and head of sub-Saharan Africa for the New York-based bank, said in Johannesburg last week. “The good news is our growth outlook has risk to the upside, there is no risk to the downside, because we are at the bottom.”
The comments come as Goldman Sachs bets that President Cyril Ramaphosa will be able to get the continent’s most-industrialized economy back on track as the lender expands its operations in the country. Foreign investors are waiting to see if South Africa will “self-correct” once prosecutions for corruption during Jacob Zuma’s almost decade-long term as head of state start happening, Coleman said.
Source: iol.co.za
