Given the uncertainties that weighed on business and the market sentiment around SA’s recent 2024 elections, the NWU Business School’s 2Q 2024 PUI unsurprisingly rose further into negative territory, to 68.3 from 65.8 in 1Q 2024 (baseline 50). The news that emerged subsequently with the formation of a Government of National Unity (GNU) and the pending new Cabinet came too late in the second quarter to positively influence the outcome of the 2Q 2024 PUI.

The international economic outlook in 2Q 2024 saw the emergence of a mood of cautious optimism about the global economy. Although a noticeable undercurrent of uncertainty still persists and growth is weaker than desired, the global economy is stronger as of mid-2024. The US economy continues to perform well. Inflation is anticipated to continue to ease in most regions of the world, with implications for the pace at which interest rates may be reduced globally.

Report by the North-West University