The South African economy can take advantage of the Chinese authorities’ resolve to abandon its zero-covid policy, while Nigeria has not positioned itself for advantage, according to economists.
China abandoned lockdown restrictions in early December in the face of mass protests. China’s economy is expected to be “relatively strong” in 2023, which will be a “saving grace” for emerging economies, adding South Africa, said Johann Els, senior economist at Old Mutual Investment in Cape Town. It forecasts China’s economic expansion of 5. 2% in 2023, compared with just 1. 2% and 0. 6% for the United States and the eurozone, respectively.