The supervisory strategy for addressing banking innovations of the past decade has been a risk-focused approach that moves well beyond earlier, one-size-fits-all examinations to achieve what we believe is a more effective and less burdensome process.
In line with a partial global recovery, we expect economic activity in South Africa to start recovering as lockdown measures are gradually eased. Our projections for 2021 and 2022 are for GDP to recover to 3.7% and 2.8% respectively.