2025 brought many economic surprises for the world and South Africa. Many of these surprises were positive, while only a few were negative, but even the ways the economy responded to some surprises were a surprise.
Momentum Investments chief economist Sanisha Packirisamy and economist Tshiamo Masike drew up a list of 10 economic surprises for their January economic outlook. About global growth, they say it proved sturdier than feared despite a harsher trade regime, but remains pedestrian by historical standards as protectionism, fiscal strain and political fragmentation sap momentum.
Escalating tariffs hardened into a structural feature of global policy, unsettling markets and redrawing supply chains without tipping the world into recession. Domestic demand acted as a quiet stabiliser, supported by resilient labour markets and adaptive firms.
