With Finance Minister Enoch Godongwana set to deliver the 2025 Budget Speech tomorrow, all eyes are on whether South Africa’s Government of National Unity (GNU) has had any meaningful impact on the fiscus.

Geopolitical flashpoints, such as the war in Ukraine and escalating US-China tensions, are further complicating the outlook, keeping investor sentiment finely balanced. For Asian equities, these dynamics go beyond headline risks; they have real implications for company earnings and valuations, reinforcing the need for strategies that offer stability amid the turbulence.

Izak Odendaal, Old Mutual Wealth Investment Strategist, explores South Africa’s fiscal challenges ahead of the Budget Speech, global economic shifts, and geopolitical uncertainties. He highlights the need for fiscal consolidation, economic reforms, and sustainable growth to ensure long-term stability.

The global economy is transforming, reshaping the landscape for investors and economies alike. As these era-defining mega forces – artificial intelligence (AI), decarbonisation and ageing populations – unfold, Cogence’s 2025 Market Outlook, in collaboration with BlackRock and RisCura, identifies opportunities amid a dynamic and uncertain environment.

Old Mutual Limited (“Old Mutual”) hereby announces that Mr Iain Williamson will take early retirement and step down as Chief Executive Officer (“CEO”), and executive director of the Company, on 31 August 2025.

As South Africa prepares for the 2025 National Budget Speech, businesses, particularly Small and Medium Enterprises (SMEs) will be keenly watching for signals on economic growth, investment, and policy support.