Weak

Staff Writer The global economy will contend with slower economic growth in 2023 according to the Rand Merchant Bank’s (RMB) Africa Year-ahead Outlook. A recessionary environment is expected and both the IMF and World Bank have slashed their growth forecasts materially owing to elevated interest rates, deteriorating financial conditions and a slowdown in growth-enhancing investments. Similarly, the Russia-Ukraine war remains the key geopolitical risk, the effects of which are costly to the global economy. “The weak global outlook presents a key risk to external demand for mining commodities and tourist services. We therefore expect GDP growth to moderate from 4.1%…