Perspective

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    Jason is the senior industry analyst at FNB. Prior to joining FNB, Jason worked in the Global Markets Research team at Rand Merchant Bank. In his six years with the FirstRand group, he has advised both internal and external clients on how macroeconomic factors will impact developments within the various sectors of the economy. Before joining Rand Merchant Bank, Jason was the Head of Natural Resources research at Accenture, a global management consultancy. He holds a PhD in Anthropology from the University of the Witwatersrand.

    The South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) opted (unanimously) to keep the repo rate unchanged at 7% and the prime interest rate at 10.5%. In what was a relatively hawkish speech, the Reserve Bank Governor highlighted global political and policy uncertainty as risks to better global growth this year. Domestically, a firmer […]

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    Sizwe Nxedlana Chief Economist at First National Bank. Prior to that he was a Senior Economist in FNB’s Wealth segment where he was involved in macroeconomic and investment research and is a member of the investment and asset allocation committees. Before joining FNB Wealth he was an economist at FNB Commercial. He began his career at the Bureau for Economic Research in Stellenbosch followed by a stint at Kagiso Trust Investments. He completed a Bachelor of Commerce degree majoring in Philosophy, Politics and Economics from the University of Cape Town and a Master of Commerce degree in economics from the University of KwaZulu Natal.

    Consumer confidence index not as bad as the ’80s, but it’s not far off Following an improvement in the third quarter, the FNB / BER consumer confidence index slipped to negative 10 in the final quarter of last year. The third quarter surge was largely attributed to growing optimism about the future of the economy […]

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    Sizwe Nxedlana Chief Economist at First National Bank. Prior to that he was a Senior Economist in FNB’s Wealth segment where he was involved in macroeconomic and investment research and is a member of the investment and asset allocation committees. Before joining FNB Wealth he was an economist at FNB Commercial. He began his career at the Bureau for Economic Research in Stellenbosch followed by a stint at Kagiso Trust Investments. He completed a Bachelor of Commerce degree majoring in Philosophy, Politics and Economics from the University of Cape Town and a Master of Commerce degree in economics from the University of KwaZulu Natal.

    Yesterday’s Budget Review contained ambitious fiscal consolidation targets. Its tone also suggested a strong commitment to growth enhancing structural reforms. While it is a step in the right direction and has probably bought South Africa some time, the odds of a downgrade by at least one rating agency in December 2016 remain high.  Changes to […]

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    Alex began his career in the financial markets, working as an investment analyst at BJM, (which has subsequently become FNB Securities) providing macro research to the chief investment officer. He later moved to the economics department of FNB, where he currently works under the chief economist Sizwe Nxedlana. Alex is completing a masters degree in economics through the University of Johannesburg.

    Zambia’s 2016 National Budget tabled on the 9th of October 2015 featured the usual commitments to growth and poverty reduction. Looking through the rhetoric, it is apparent that Zambia faces major fiscal risks. We are concerned that these risks are not adequately dealt with in the budget, which claims to be one of consolidation, but […]

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    Alex began his career in the financial markets, working as an investment analyst at BJM, (which has subsequently become FNB Securities) providing macro research to the chief investment officer. He later moved to the economics department of FNB, where he currently works under the chief economist Sizwe Nxedlana. Alex is completing a masters degree in economics through the University of Johannesburg.

    The global financial crisis wreaked havoc on the world economy and severely impaired trade flows between countries. A steep drop in export prices exacerbated the downward pressure on export revenues. The rebound in trade flows during 2009 and early 2010 was rapid. After 2010, however, global export growth tapered off and since then it has […]

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