Die ekonomie minuut

2022 was a year that Economics profs will talk about for some time. There was geo-political uncertainty, environmental disasters and load shedding. Inflation and interest rates skyrocketed and in some way the economy grew a little and created jobs.

Acknowledgements

I am grateful for the financial support from the NWU Business School and Jan van Romburg who believed in the project. Thanks also for the in-kind support from the Bureau of Economic Research and specifically for Helanya Fourie.

The Minute is also broadcasted and I am glad it is being used in this way. Thanks to Hannes Snyman at Radio Orania, Johann Pretorius at Agri Newsnet and Nadine Watkins at Bizscoops.

It also leads to other interviews. Thanks to Olebogeng Motse at OFM, James Kemp at Pretoria FM, all the student journo’s at Voice of Wits, and Suzanne Paxton at RSG.

Die Minuut was also a springboard to other audiences and it's nice to chat with them frequently. Thanks to Leonard Haasbroek and Hemari Bonthuis at the PPS Academy and Ernest Aylward at Ramkat Radio.

Because of the Minute, I had the opportunity to write opinion pieces for Maroela Media. Thank you Monica Mynhardt.

And then I am grateful to everyone who likes and shares the Minute. It is a family and friends effort, but there are also loyal supporters such as Philip Snyman on LinkedIn and Johnny van der Merwe on Facebook.

2022 was ʼn jaar waaroor Ekonomie proffies nog baie gaan praat. Daar was geo-politieke onsekerheid, omgewingsrampe en beurtkrag. Inflasie en rentekoerse het die hoogte in geskiet en op ʼn manier het die ekonomie tog bietjie gegroei en werk geskep.

Bedankings

Dankie vir die finansiële ondersteuning van die NWU sakeskool en Jan van Romburg wat in die projek geglo het. Dankie ook vir intekening-ondersteuning van die Buro vir Ekonomiese Ondersoek en spesifiek vir Helanya Fourie.

Die Minuut word ook uitgesaai en ek is bly dit word so gebruik. Dankie aan Hannes Snyman by Radio Orania, Johann Pretorius by Agri Newsnet en Nadine Watkins by Bizscoops.

Dit lei ook tot ander onderhoude. Dankie aan Olebogeng Motse by OFM, James Kemp by Pretoria FM, al die studente journo’s by Voice of Wits, en Suzanne Paxton by RSG.

Die Minuut was ook ʼn wipplank na ander gehore en dit is lekker om gereeld met hulle te gesels. Dankie aan Leonard Haasbroek en Hemari Bonthuis by die PPS Academy en Ernest Aylward by Ramkat Radio.

Deur die Minuut het ek kans gekry om opiniestukke te skryf vir Maroela Media. Dankie Monica Mynhardt.

En dan is ek dankbaar vir almal wat die Minuut like en share. Dit is ʼn familie-en-vriende poging, maar daar is ook getroue ondersteuners soos Philip Snyman op LinkedIn en Johnny van der Merwe op Facebook.

This year will be remembered for the sharp rise in the inflation rate and interest rate hikes to fight it. Unfortunately, yesterday's CPI figures showed that although inflation is already lower than the peak in the month of July, it remains stubbornly high. This has a big impact on consumer spending and the question is, what do the prospects look like for next year?

* The Economics Minute is supported by the NWU Business School.

Hierdie jaar sal onthou word vir die skerp styging in die inflasiekoers en rentekoers verhogings om dit hok te slaan. Ongelukkig het gister se VPI syfers gewys dat hoewel inflasie al laer is as die piek in Juliemaand, bly dit hardnekkig hoog. Dit het ʼn groot impak op verbruiksbesteding, en die vraag is hoe lyk die vooruitsigte vir volgende jaar?

* Die Ekonomie Minuut word ondersteun deur die NWU Sakeskool.

In gister se episode het ek gepraat oor die komponente van totale besteding as ʼn drywers van ekonomiese groei en die vooruitsigte vir 2023. Dit is dalk die meer sikliese deel van groei en daar is meer fundamentele drywers om in ag te neem: groei kan in spesifieke sektore plaasvind, infrastruktuur en menslike kapitaal is drywers van groei, en sogenaamde instellings en “governance” maak saak. Hier is die vooruitsigte moeiliker om te peil.

* Die Ekonomie Minuut word ondersteun deur die NWU Sakeskool.

In yesterday's episode, I talked about the components of aggregate spending as drivers of economic growth and the outlook for 2023. This may be the more cyclical part of growth and there are more fundamental drivers to consider: growth can happen in specific sectors, infrastructure and human capital are drivers of growth, and so-called institutions and governance matter. Here the prospects are more difficult to gauge.

* The Economics Minute is supported by the NWU Business School.

Ek het gister gesê dat ekonomiese groei die gety is wat alle bote lig – die oplossing vir meeste van ons probleme – maar wat was hierdie jaar die drywers van groei, en wat kan ons in 2023 verwag?

Daar is natuurlik groei-teorieë en empiriese navorsing oor wat ekonomiese groei bepaal, maar vandag wil ek vinnig praat oor drywers aan die bestedingskant van die ekonomie: huishoudings se verbruiksbesteding, besighede se investering, owerheidsbesteding en netto uitvoer.

* Die Ekonomie Minuut word ondersteun deur die NWU Sakeskool.

I said yesterday that economic growth is the tide that lifts all boats - the solution to most of our problems - but what were the drivers of growth this year, and what can we expect in 2023?

There are of course growth theories and empirical research on what determines economic growth, but today I want to quickly talk about drivers on the spending side of the economy: household consumption spending, business investment, government spending and net exports.

* The Economics Minute is supported by the NWU Business School.

Ek wil graag hierdie week Die Ekonomie Minuut afsluit vir die jaar met ʼn opsomming van die hoogtepunte, laagtepunte en alles tussenin wat die nuus gehaal het. As jy die afgelope jaar saam geluister het sal jy weet dat ons nie intyds weet hoe dit met die ekonomie gaan nie. Die amptelike aanwysers is na ʼn lang sloering eers beskikbaar en tussendeur soek ons vir leidrade oor die stand van ekonomiese groei, inflasie en werkskepping. Ek het baie gepraat oor rentekoerse, oor hoe die VSA se ekonomie vaar, oor beurtkrag en die fiskale posisie. Vandag wil ek net gou weer sê hoekom dit ons almal raak.

* Die Ekonomie Minuut word ondersteun deur die NWU Sakeskool.

This week I would like to finish The Economics Minute for the year with a summary of the highs the lows and everything in between that made the news. If you have been listening along for the past year, you will know that we do not know how the economy is doing in real time. The official indicators are only available after a long lag and in the meantime, we are looking at different indicators for clues about the state of economic growth, inflation and job creation. I talked a lot about interest rates, about how the US economy is doing, about load shedding and the fiscal position. Today I just want to quickly say again why it affects us all.

* The Economics Minute is supported by the NWU Business School.