South Africa’s short-term business conditions continue to recover, and there is
good reason to believe they will continue to do so. Businesses should start to
see better (but still challenging) market conditions and improved profitability –
off a likely low base.

Longer-term conditions remain clearly destructive. There is, however, an early
indication of some bottoming out occurring. Businesses should still react by
positioning defensively around future expansion and investment decisions.