It has happened! For months we, as a nation, have been struggling and fighting not to be downgraded to junk status, but on Monday, 3 April 2017, following the cabinet reshuffle, it was announced that South Africa’s sovereign credit rating was cut. However, what does that mean?
Over the last eight years, travel and tourism has grown by 17.3% in the top ten fastest-growing global destinations. This rate speaks to the rapid growth of tourism and how the industry, and an increasing priority for countries seeking for new growth opportunities. In emerging markets tourism grew from 30% in 1980 to 45% in 2015 and is expected to reach 57% by 2030.
Political uncertainty globally will have ripple effects on Africa, primarily through impacts on commodity prices and global economic sentiment. While the early months of 2017 have seen improved prices for the commodities on which many southern African economies rely, longer term economic sentiment is more mixed. Meanwhile, governance improvements and the embedding of democratic practices and norms will be tested by pockets of instability as succession battles take place across the region.
John Veihmeyer, Chairman, and Bill Thomas, Chairman Elect of KPMG International, today announced an independent investigation into work performed by KPMG South Africa in respect of the Gupta family and the SARS report.
The Allianz Risk Barometer 2018 report has been released - Business interruption and cyber incidents dominate risk landscape for companies of all sizes and sectors. Download this, the seventh Allianz Risk Barometer, which is published annually by Allianz Global Corporate & Specialty (AGCS).