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News archive - November-2011

ABC opinion on ABSA forecast 2012

Mashudu SilimelaThe ABC agrees, in general, with Absa’s forecast, as it coincides with other projections as well. Absa

Agribusiness did a great job and provided good indication on where the opportunities are expected in

2012. However, the ABC has to be realistic in its view that the numbers seem to be much better than the

sentiment – and that cuts across the economy. Even though pessimists are beginning to gradually soften

their negative projections for the recovery of the South African economy, the situation is not yet as great

as we would like it to be. “We live in very uncertain times”, is what the governor of the Reserve Bank,

Gov. Gill Marcus says, when referring to the fragile global and local economy. Prof Raymond Parsons,

deputy CEO of BUSA said “the margin for error for economic forecasting has increased, thus the margin

for error in policy has narrowed and a mistake in domestic policy could be very costly”. Meaning that we

are likely to be wrong in forecasting the economy, therefore we cannot risk making the smallest policy

mistake – the same applies for the agricultural sector, if we want to realise the opportunities available, as

identified by the Absa forecasting.

06.12.2011 / Media Releases

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