South African Business Confidence Falls as Ramaphoria Wanes

South African business confidence retreated from a three-year high in the first quarter as the euphoria after the appointment of Cyril Ramaphosa as the nation’s president started to wear off.

The RMB/BER business confidence index fell to 39 from 45 in the prior period, FirstRand Ltd.’s Rand Merchant Bank unit and the Stellenbosch, South Africa-based Bureau for Economic Research said in an emailed statement Wednesday. This means three fifths of the 1,700 respondents now regard prevailing business conditions as unsatisfactory.

So-called Ramaphoria has faded in the wake of record-high gasoline prices, the intensifying political debate around expropriation of land without compensation, and growing signs that the strong synchronized global economic upswing has started to fizzle out,…

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