Ina Opperman
Business Journalist
4 minute read
28 Apr 2022
5:31 pm

Load shedding, Covid, floods, make Rand world’s worst performing currency

Ina Opperman

The combination of load shedding, Covid, and the KZN floods, along with rising inflation rates, mean SA's economic outlook is not too bright.

Image: iStock

The Rand has lost 8.5% of its value against the US dollar, as the cumulative weight of load shedding, Covid-19, and the KZN floods turned it into the worst performing currency in the world recently. Add to this the impact of higher inflation and the country’s economic outlook is not bright at all. The return of Stage 4 load shedding due to record unplanned breakdowns, the Covid-19 test positivity rate reaching a three-month high, and the disruptive effects of the KwaZulu-Natal flooding on economic activity are the main drivers behind the depressing economic outlook, according to the PwC South Africa...