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The conflict in Ukraine might be geographically far removed from South Africa, but its ripple effect might soon be felt by local consumers. If the Russian invasion of Ukraine - described by some as the darkest hour for Europe since World War 2 - is not resolved quickly, South Africa could feel a squeeze from spikes in petrol prices, as well as earlier and bigger interest rate hikes by the South African Reserve Bank to curb inflation, and higher bread prices.
Farmers squeezed by big retailers - The Mail & Guardian mg.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mg.co.za Daily Mail and Mail on Sunday newspapers.
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Good news about its economy is rare these days, but South Africa’s unexpectedly large bump in growth numbers this week catapulted it out of its longest recession in more than a quarter of a century.
Quarterly gross domestic product figures showed that the economy grew by 66 per cent in the third quarter. The upside was driven mostly by a rebound in manufacturing, trade and mining. A weaker domestic currency also helped.
“We are out of a recession but getting back to pre-Covid levels might take five years or so,” said Makwe Masilela, chief investment officer at Makwe Fund Managers in Johannesburg.