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The global economy is set for much better growth than anyone would have dared to hope for in the darkest days of the pandemic when businesses were shuttered and mobility severely restricted. This week the Organisation for Economic Co-operation and Development (OECD) upgraded its 2021 growth forecast to 5.8% a far cry from the anticipated 3.3% in its interim report in March 2020 at the height of economic and personal uncertainty.
But the organisation stressed that this is no ordinary recovery, with growth experiences varying widely across its 38-country membership base. South Africa got a special mention in its May 2021 Economic Outlook because it is only expected to recover its pre-pandemic per capita income levels after five years, in the fourth quarter of 2024, versus 1½ years for the US.
The Producer Price Index this week will tell us how much South Africa has been affected by the severe supply shortfalls in many goods globally. They are a worry, but could well prove short-lived if companies are quick to adapt and recalibrate their supply chains.
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