Industry Research: Structured Finance

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Structured Finance Trends: 2020 Review and 2021 Outlook
  • Industry Research: Structured Finance
  • Year : Apr 2021
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Summary

The year 2020 witnessed a one-of-a-kind event in the form of the COVID-19 pandemic. The entire country went into a lockdown that severely restricted the movements of South Africans and limited the activities of most businesses. Both consumers’ and small and medium enterprises’ (“SMEs”) income has been significantly impacted by the economic contraction predominantly caused by the lockdown which was reflected in the performance of the securitisations rated by GCR.

Additional Information

According to the February 2021 budget speech, the South African economy is expected to rebound by a 3.3% increase in GDP in 2021, following the 7.2% contraction in 2020 and an average of 1.9% in the following 2 years. This however must be taken in the context of a possible 3rd COVID-19 wave and/or continued load shedding.

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