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Economy drifts into choppy waters... again

Monday, December 23, 2024 | 1340 Views |

Supporting growth: The non-mining sector’s growth in the second quarter was helped by stable electricity supply. As diamonds attempt a recovery, non-mining activities need supportive utilities to play their part in resuscitating the economy PIC: MBONGENI MGUNI

The economy this year entered familiar choppy waters with the prolonged downturn in diamonds weighing down growth and threatening the deepest contraction since COVID-19.

The waters are familiar because ever since minerals began to dominate values produced in the country decades ago, the economy became joined at the hip with the cyclical fluctuations of minerals, particularly diamonds.

Prior to that, cycles in the economy were more closely linked to periods of drought and periods of healthy rains, as values in the country were generally sourced from agricultural activities.

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