Half Year 2021 Absa Group Ltd Earnings Call Transcript
Good morning, and thank you for joining us for Absa's 2021 Interim Results Presentation.
I'll cover the tough operating environment we faced during the period, explain why we're quietly confident that we're well positioned as a group and then give my perspectives on our first half performance.
Thereafter, Punki will unpack our numbers following which I'll provide our guide for the rest of the year, and then we'll take your questions.
At a global level, the IMF expects a strong rebound from last year's historic decline of 3% and with worldwide GDP growing 6% this year. We expect South Africa to grow 4% this year from last year's 7% decline. This is slightly higher than the 3% we expected back in March. We should benefit from strong global growth, higher commodity prices and support of mandatory policy.
South Africa's economy has generally recovered faster than expected since the depth of the hard lockdown in the second quarter last year, with the last 3 quarters beating
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