Uploaded July 2026 | Updated September 2026, 2 weeks ago
The global economy has held up but that does not mean risk has faded.
At the halfway point of 2026, growth has been stronger than feared and inflation has cooled, but not enough. Central banks remain cautious while energy markets are still exposed to Middle East disruption.
For South Africa, the global backdrop feeds directly into the rand, inflation, capital flows, commodity prices and the Reserve Bank’s room to move.
In the latest episode of No Ordinary Wednesday, Jeremy Maggs speaks to Investec economists Ryan Djajasaputra and Annabel Bishop about what could shape the second half of the year.
They discuss global growth, interest rates, fiscal credibility, South Africa’s investment case and the under appreciated risk of El Niño.
Read more on investec.com/now
Key highlights:
00:00 - Introduction
01:34 - Why inflation and interest rates surprised markets
04:26 - Global growth: Resilience amid uncertainty
06:13 - What global trends mean for South Africa
09:10 - South Africa's structural growth challenges
10:46 - Rethinking emerging markets
14:08 - Fiscal policy, debt and investor confidence
18:59 - The biggest global and local risks ahead
22:06 - South Africa's outlook: Risks and opportunities
24:57 - The key global indicators to watch
26:16 - South Africa's economic outlook Investec Focus Radio SA (investec.com/en_za/focus/investec-focus-radio-podcasts.html)
The global economy has held up but that does not mean risk has faded.
At the halfway point of 2026, growth has been stronger than feared and inflation has cooled, but not enough. Central banks remain cautious while energy markets are still exposed to Middle East disruption.
For South Africa, the global backdrop feeds directly into the rand, inflation, capital flows, commodity prices and the Reserve Bank’s room to move.
In the latest episode of No Ordinary Wednesday, Jeremy Maggs speaks to Investec economists Ryan Djajasaputra and Annabel Bishop about what could shape the second half of the year.
They discuss global growth, interest rates, fiscal credibility, South Africa’s investment case and the under appreciated risk of El Niño.
Read more on investec.com/now
Key highlights:
00:00 - Introduction
01:34 - Why inflation and interest rates surprised markets
04:26 - Global growth: Resilience amid uncertainty
06:13 - What global trends mean for South Africa
09:10 - South Africa's structural growth challenges
10:46 - Rethinking emerging markets
14:08 - Fiscal policy, debt and investor confidence
18:59 - The biggest global and local risks ahead
22:06 - South Africa's outlook: Risks and opportunities
24:57 - The key global indicators to watch
26:16 - South Africa's economic outlook Investec Focus Radio SA (investec.com/en_za/focus/investec-focus-radio-podcasts.html)
