Key View: Weak-than-expected economic growth and tightening monetary policy starting in 2019 will weigh on private sector credit growth over the coming quarters. Robust increases in lending to the government will help to buoy headline asset growth but will not be sufficient to completely offset weak private sector credit expansion.

The outlook for

Key View: Despite land expropriation becoming official party policy in South Africa, we believe President Cyril Ramaphosa will mitigate threats to agricultural production. Un-used or underutilised land will likely be the subject to land expropriation rather than productive farmland, agricultural output therefore remaining largely unaffected. The

South Africa's recently published revisions to its mining charter will undermine already weak investment, offering further headwinds to the economic growth outlook. Aside from the direct headwinds to the mining sector due to a higher cost of compliance, the new charter further signals that the ruling African National Congress is moving ahead with

The attractiveness of the South African infrastructure market as an investment destination is bolstered by the overall ease of doing business in the country and its position as the gateway to the wider SSA region. The returns on offer are limited compared to its faster-growing peers, as constrained government revenues and weak private investment

South Africa's nuclear agenda will face headwinds over the coming years - stemming from legal obstacles, public opposition, the financial constraints at Eskom and construction delays typically associated with nuclear power plants. We believe that the government will remain committed to its nuclear expansion; however, we do not expect any new

The March 30 cabinet reshuffle, which saw former Finance Minister Pravin Gordhan replaced with Malusi Gigaba, suggests substantial risks to the fiscal outlook in South Africa. Zuma's decision to put a political ally in the role of finance minister could augur a significant ramp-up in wages and other social transfers, a decision to move forward on a

The decision to replace Finance Minister Pravin Gordhan will have significant economic consequences for South Africa, weakening the currency, increasing the risk of fiscal slippage and weighing on investor sentiment. Politically, the consequences depend largely on the response of the anti-Zuma wing of the ruling African National Congress, with

South Africa's mining sector will continue to face headwinds from policy uncertainty regarding the passing of the draft mining charter, hindering the potential of a recovery since 2016 from becoming solid. We forecast the domestic mining industry value to continue to decline over the coming years.

South Africa's mining sector will continue to feel

Fiscal consolidation in South Africa will continue to be stymied by sluggish economic growth and political pressure to overspend in the coming years. While the deficit is likely to narrow in the upcoming budget cycle, it will not hit the government's targets.

Fiscal consolidation will continue in South Africa in the years ahead, albeit at a more