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Subject

Prospects for South Africa to end-2022.

Significance

Strong commodity prices, windfall tax revenues and clear commitments to cautious fiscal policies have enhanced investor perceptions of the economy. This is reflected in improved rating agency outlooks. Meanwhile, the likely inability of ruling African National Congress (ANC) populists to challenge President Cyril Ramaphosa’s bid for re-election as the head of the party has fed hopes that government reform efforts will begin to produce results.

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