An economist has warned that the global and local economy is heading into a proverbial winter season in 2024, although it should be milder than the economic downturn during the Covid-19 pandemic. It will be followed by a rebound in economic growth from 2025.
He says using inflation and growth, four economic seasons can be identified, from depression to deflation, stagflation and a goldilocks scenario . Ackerman also mentioned that South Africa is lagging its peer group and would continue to do so until government fixed the country’s structural issues. Only consistent investment over time could bring the country back to a stronger economic position.
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