BUSINESS FLEET AFRICA | January 2023
WWW.BUSINESSFLEETAFRICA.CO.ZA
As we embark on 2023 there are numer-
ous external factors that continue to
influence the business world, globalisa-
tion and technology.
According to the latest reports the
South African GDP increased by 1.6% in
quarter three following the 0.7% decline
in quarter two of 2022. The result is
that the SA economy grew to above
pre-pandemic levels, with real GDP now
the highest it has ever been. The main
drivers of growth were agriculture,
finance, transport and manufacturing.
At the end of November, the
monetary policy committee raised the
benchmark repo interest rate to 7%, with
the prime lending rate now at 10.5%. It is
predicted that we will see increases in the
repo rate going forward, but these will
most probably be at a much slower rate.
In November 2022 the Reserve
Bank highlighted the upside risks to
SA inflation, which is still focused on a
wide range of factors including oil, food
administered prices, the rand exchange
rate and salaries. The food price inflation
forecast has been revised to 6.2% and
their estimated headline inflation for
2023 is forecasted at 5.4% and is expect-
ed to average 4.5% for 2024 and 2025.
The importance of social responsibility
Social responsibility is a way for corpo-
rations and small businesses to support
good business. It is not just philanthropy,
it is also a way to address the world’s
most pressing problems, from climate
change to hunger and disease. It can
be an important differentiator in the
marketplace as well, helping companies
build relationships with their customers
or employees. Companies that take an
active role in their community and create
initiatives that help improve the lives of
people are likely to be more profitable.
Technology, the good and the bad
Technology has changed every aspect of
our lives, including business. Globalisation
means that it’s easier to share ideas and
conduct business across borders.
Navigate 2023 with
careful control of resources
bUsIness