An economist believes that SA's stance on the war in Ukraine, and the possible hosting of Russian president Vladimir Putin, could be catastrophic for the economy.
South Africa maintains its non-aligned stance on the war in Ukraine. There are also fears of stagflation sparked by the seemingly non-ending rates hike cycle. For a closer look at these concerns, we are joined by George Glynos, head of Research at ETM analytics.
JOHANNESBURG - An economist believes that South Africa's stance on the war in Ukraine, and the possible hosting of Russian president Vladimir Putin, could be catastrophic for the economy.It believes the decision puts South Africa at risk of primary or secondary sanctions.The central bank says that such a situation would be catastrophic for the economy.
"This government is taking the rest of us along for the ride and it's an unpleasant ride and one that could end in tears later this year," said economist George Glynos. "The situation is a very sensitive one, and the further we go down this road, the more dangerous it becomes, and I can assure you nobody wants to see a rand that is blowing out R21, R22 or God forbid even higher to the dollar.
"It imposes a tremendous cost in this economy, it is going to plunge the economy into a really deep recession."
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
RIGHT OF REPLY | Russian embassy responds to Ukraine’s Oleksandra RomantsovaThe April article is full of pretentious statements and features Western clichés regarding the situation in Ukraine
Read more »
Ukraine peace plan is only way to end Russia's war, says Zelenskyy aide - SABC NewsKyiv’s peace plan is the only way to end Russia’s war in Ukraine and the time for mediation efforts has passed, a top aide to President Volodymyr Zelenskyy said.
Read more »
War in Ukraine | SARB wary of SA’s non-aligned stanceThe Reserve Bank is warning of the risks of direct or even indirect sanctions due to its stance on Ukraine. It says the economic fallout could be dire.
Read more »
Rand hits record low as ICC tells SA to arrest PutinThe International Criminal Court issued an arrest warrant against Russian President Vladimir Putin in March for alleged war crimes in Ukraine
Read more »
Counting the cost of South Africa’s love for RussiaThe South African government appears to be acting against its own interests, economists say.
Read more »
From weapon smuggling claims to ‘anarchist’: inside Steenhuisen and Mbalula's Lady R war of wordsFrom weapon smuggling claims to ‘anarchist’: inside Steenhuisen and Mbalula's Lady R war of words: John Steenhuisen told an American broadcaster that for the past year and a half, the DA has suspected the South African government has been supplying…
Read more »