Here we are again, another year on its back (my has 2023 flown!) and we can once again reflect on what has worked well this year and what hasn’t, what lessons we have learnt, and how we can take that with us into the new year. 2023 has certainly been another challenging year not just for South Africa, but globally. However, there is always positive news to be found, and it seems that 2024 might be just that.

PWC recently released its 8^th South Africa Economic Outlook report. While it seems our country has spent yet another year locked in a never-ending spiral of rising costs, declining household income and almost daily load-shedding, there is some positive news on the macroeconomic front:

PWC expects the economy to grow by 1.0% next year, or as high as 1.3% under an upside scenario. This forecast is based on the following factors:

• Employment is growing at a faster rate than many have expected given the elevated levels of load-shedding.
• The recent increase in and near-term planned investment in solar power is brightening the outlook for economic growth in 2024.
• Interest rates have likely peaked and it is anticipated that the next move from the central bank will be to lower lending rates during 2024.
• The decline in real (i.e. inflation-adjusted) salaries and wages is slowing as consumer price inflation continues to trend lower.
• Environmentally-aware consumers are willing to pay above the average price for goods that have a positive environmental impact.

So not all doom and gloom and in fact much to be grateful for. I am reminded on a daily basis that living by the motto “gratitude is the best attitude” is indeed something we can all take with us into the new year. Personally I am grateful to all our clients, publishers and my team for their support and hard work this year. What we do at AdMarula requires several parties to work together towards a common goal, and it is part of the job that I find so satisfying, when everything comes together and all parties enjoy the successes.

May you have a blessed festive season and enjoy time off with family and friends. We look forward to taking on 2024 with you, with all the opportunities it holds.

Onwards and upwards!

Daniel Gross