Our theme of global economic slowdown is clearly playing out. That said, central banks are likely to respond aggressively to support economies and the financial system. Already, faster interest rate cuts are being priced in.

Amidst this disruption, we continue to see early signs of progress in SA under a surprisingly functional GNU. Global shifts are likely to introduce short-term volatility; however, the longer-term picture may well represent a better future for the SA business environment.