The latest hard activity figures suggest that South Africa’s economy started Q2 on a weak footing and, while there were signs of improvement in May, tighter containment measures are likely to have dampened activity this month. One consequence is that we doubt that the Reserve Bank will raise interest rates in the near term. Elsewhere, reports this week that Tanzania is planning to join the Covax facility to secure vaccines add to signs of a broader improvement in policymaking under the new president, and bode well for the country’s growth prospects.
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