In short, there is little impeding corporate borrowing from a balance-sheet view in the South African economy, and households have made decent progress in reducing their own debt levels. This is likely to continue in a moderate way over the next year.
In the short run, there is a strong case for countries with macroeconomic space to use it in a countercyclical way, restoring growth. Many emerging markets have done this. Unfortunately, growth in emerging markets has also been slowing for five years, ever since the post-crisis rebound in 2011. Permanent stimulus is not countercyclical.