PwC South Africa Economic Outlook | August 2024
PwC South Africa Economic Outlook | August 2024
This edition looks at the role that trust plays in society and economic development.
By PwC
We’re pleased to share our eighth South Africa Economic Outlook report for 2024. This edition looks at the role that trust plays in society and economic development, and how South African companies can go about building trust with their stakeholders towards a more productive economy.
Six out of ten (62%) South Africans trust the business sector to do the right thing, according to the Edelman Trust Barometer 2024. Businesses need to invest in the creation of trust. It is important for South African companies to understand, measure and communicate their overall impact on the economy, environment and society as a whole as it promotes trust and loyalty among stakeholders.
South Africa’s overall trust levels are only a third as strong as the top performing countries globally, according to the World Values Survey (WVS). Interpersonal trust can have an outsized positive impact on South Africa’s economic productivity. According to our estimates, South Africa’s productivity could increase by up to 27.1% if societal trust increases to a level similar to that seen in countries with the highest levels of trust.
Key content in this report includes:
Trust and prosperity: Social capital as an integral part of commerce and economic development.
Status quo: Six out of ten South Africans trust the business sector to do the right thing.
Trustworthiness at an industry level: Protection of customer data is a top confidence builder with clients.
Productivity simulation: The economic potential that increased social capital can unlock.
Practical steps: Impact assessments help companies boost transparency and build trust with stakeholders.
How we can help: A range of applications that PwC clients can use impact assessments for.
You can explore further insights by visiting the South Africa Economic Outlook webpage.