South Africa’s middle class is in deep trouble

Loading player...
GUEST – Andrew Fulton, Director at Eighty20

Eighty20 has released its 2023 Q4 Credit Stress Report (CSR) in collaboration with Xpert Decision Systems
(XDS) outlining developments in the credit sector as well as its impact on the economic landscape. The 2023 Q3 analysis brought a glimmer of hope to South Africa's credit sector for the first time in years.

This optimism was short-lived as Q4 highlighted a blend of both positive and negative indicators with the unemployment
rate increasing slightly, inflation creeping up, and consumer confidence dipping down again.

Despite this, there was a significant improvement within the credit sector as the percentage of loans in arrears
decreased by a full percentage point. Although our economy bounced back to its pre-Covid level in mid-2023, there was a 0.3% decline in GDP during Q3 of 2023, raising concerns of being at risk of a recession when the GDP figures are released on March 5th.
The UK has already slipped into a technical recession, and globally, theoutlook remains bleak.
21 Mar 2024 1PM English South Africa Business News · Investing

Other recent episodes

Mine 2026: The New Battleground for Global Mining

PwC’s Mine 2026 report shows miners posting record profits — yet facing unprecedented structural pressures. Energy Utilities and Resource Assurance Partner Vuyiswa Khutlang breaks down the three imperatives reshaping mining: policy stability, capital mobilisation, and technology‑driven productivity. We explore copper’s surge, coal’s decline, selective M&A, and why geology alone no…
29 Jun 2PM 16 min

How Middle East Shocks Hit Africa’s Politics & Economy

The Middle East ceasefire may hold — or unravel. Either way, Africa is already feeling the tremors. Political analyst Jervin Naidoo maps how geopolitical shocks strain fiscal balances, fuel inflation, election stability, capital flows and sovereign risk premiums across the continent. A deep dive into Africa’s political vulnerability and the…
29 Jun 2PM 18 min

R316 Million for Impact: How E Squared Is Rewiring Entrepreneurship

E Squared’s 2025 Impact Report showcases a powerful model of patient capital, responsible entrepreneurship and transformation-driven investing. CEO Gladwyn Leeuw explains the shift to “lives meaningfully improved", the pipeline‑to‑scale approach, backing Black and female founders, and building businesses that endure — all while delivering commercial and social returns.
29 Jun 2PM 14 min

Inside Siyakhokha: How Ekurhuleni Is Modernising Municipal Payments

Ekurhuleni’s finances — and its ability to deliver reliable services — depend on a strong partnership with residents. MMC for Finance Alderman Jongizizwe Dlabathi explains how the City’s Siyakhokha platform is transforming municipal payments through convenience, security and digital efficiency. From registering online to logging queries and making payment arrangements,…
25 Jun 1PM 15 min

African Bank sees R624mn half-year loss, Capital ratio 25.8% keeps ops standing

African Bank has entered a new chapter shifting from years of acquisitive expansion to a disciplined phase of consolidation. Interim Group CEO Zweli Manyathi breaks down the R624m loss, the credit environment, cost‑to‑income pressures, and the bank’s strategy to unlock value from its diversified platform.
25 Jun 1PM 21 min