Impact of COVID-19 on projected current account balance in South Africa 2020-2021
The coronavirus (COVID-19) pandemic was anticipated to have a slightly negative effect on the current account of South Africa. Under a worst-case scenario, where the pandemic persists through December 2020, the current account deficit for the same year was projected to be minus 3.9 percent of the GDP. In comparison, the outlook before coronavirus was at minus 3.7 percent of the GDP. Similarly, previous to the pandemic, a deficit of 3.4 percent of the GDP was projected for 2021. However, the deficit was reviewed to 3.7 percent of GDP, considering the worst-case scenario.