Cape Town - South Africa’s recent political turbulence has resulted in a depressed business confidence in the country as business executives took a pessimistic outlook for the nation’s economy over the next 12 months.
This is according to global advisory firm Grant Thornton’s second quarter International Business Report released yesterday. The results from the survey showed that the country’s business executives views in the second quarter are 28 percent in terms of their perceptions of their outlook for the country’s economy in the year ahead, 47 percentage points decline from the first quarter.
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It found that 67 percent of SA business executives operations and business decisions are impacted by a turbulent economy and uncertainty about the country’s future direction in the last six months, while 37 percent of total South African respondents are delaying business expansion plans. And 32 percent of executives said they are putting off investment decisions.