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Overview
As 2024 winds down and businesses turn their attention to next year, the outlook for the South African economy in 2025 comes into focus. The country’s economic fortunes are intertwined with the rest of the world. While domestic factors (such as load-shedding, interest rates and extreme weather events) have a direct impact on the country’s economic outlook, so too does the economic health of its trade and investment partners.
The economic and geopolitical developments in the world’s largest economies, including the US, China, UK, Eurozone and India, have a direct impact on the decision-making by business executives in these countries. This, in turn, impacts their decisions around trade with, and investment in, South Africa.
PwC US’s Pulse Survey October 2024 found that half of the US executives polled expect to make more foreign investments under the new administration led by President-elect Donald Trump. This is good news for South Africa considering that the US is its fourth-largest source of investment after the UK, Netherlands and Belgium.
In turn, South African exports to the world’s largest economy—in particular metals and ores like aluminium and ferro alloys—could be pressured by President-elect Donald Trump’s pledge for a 10%-20% universal tariff on imports. A large number of US business leaders are expecting a notable impact on key operational choices and strategies from new policies implemented by the second Trump administration in 2025.
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In this edition:
Prospects for key developed and emerging markets in 2025
The outlook for South Africa’s largest trade and investment partners
This edition of PwC’s South African Economic Outlook looks at the prospects for key developed economies and emerging markets in 2025. While global economic growth is forecast by PwC’s Global Economy Watch Projections October 2024 to decline from 2.8% in 2024 to 2.6% in 2025, the fate of the world’s largest and most influential economies—and their impact on South Africa—varies.
Key content in this report includes:
Trump presidency: US executives expect to make more foreign investments—this could benefit South Africa
G7 outlook: Developed-market trading partners and sources of FDI are entering 2025 with mixed fortunes
E7 prospects: Emerging market trading partners will see high levels of GDP growth in 2025 versus domestic trends
Reverse globalisation: Nearshoring increases as international trade moves closer to home
How PwC’s Global Economics Network (GEN) helps clients understand regional and country-level economic developments.
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Contact us
PwC Africa ESG Platform Leader, Strategy& and Chief Economist, Strategy& South Africa
Tel: +27 (0) 82 708 2330
