According to BofA, South Africa’s economy is expected to grow by 1.5% in 2024, an improvement from the revised 0.5% growth in the previous year, citing that the return of some power plant units would support better economic performance. Additionally, investments by companies and households in alternative energy solutions are expected to contribute to improved power supply. BofA mentioned that the commencement of the central bank’s rate-cutting cycle in H2 2024 would likely benefit consumers and could push growth above 1%. This projection is slightly more optimistic than the National Treasury’s 1% and the Reserve Bank’s 1.2% growth predictions for 2024.