Kganyago lowered the Bank’s GDP growth expectations to 0.3% for 2023, which translates into 2% being wiped off the economy, largely thanks to rolling power cuts.
Not only are these figures shocking but, Anton said, this is the first time in his career that he has experienced a governor of a central bank coming up with a GDP forecast that is significantly below consensus. That is a very strong political message from Kganyago, which he hoped the powers that be were able to hear and heed.
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