Professor Raymond Parsons. Image: Shelley Christians/UWCAt half-time in a football match, the scoreline rarely tells the full story. Momentum shifts, tactics change and teams return to the field knowing that the second half can alter the outcome entirely. This metaphor framed the latest University of the Western Cape (UWC) Business Breakfast, where business leaders, academics, and industry partners gathered to assess South Africa’s economic performance at the midpoint of 2026 and consider whether the country’s recovery can withstand mounting global pressures.
Opening the event, UWC Rector and Vice-Chancellor Prof Robert Balfour described the economy as operating in an environment where confidence remains a critical resource. “Confidence is a form of capital. It behaves like capital. Confidence builds slowly through credible policy, and it dissipates very rapidly when there is uncertainty,” said Prof Balfour.
The keynote address was delivered by Raymond Parsons, Extraordinary Professor in UWC’s Faculty of Economic and Management Sciences and one of South Africa’s leading economic commentators. Prof Parsons noted that while the country entered the year on a firmer footing, global events had interrupted the recovery momentum that emerged in late 2025. Rising geopolitical tensions, energy-price pressures and continued uncertainty in international markets have created new economic constraints.
Image: Shelley Christians/UWC“The Middle East conflict and the economic headwinds have interrupted what was good news at the beginning of the year, when an economic recovery was underway,” Prof Parsons said.
He cautioned that South Africa remains vulnerable to external shocks, describing the country as “a small open economy and a net oil importer, so these shocks that come from outside don’t remain there.”
Despite these challenges, Prof Parsons urged a balanced perspective: “We should not allow ourselves in South Africa to fall into the habit where our optimism or pessimism is driven by a decimal point”. He emphasised the importance of investment, policy certainty and stronger collaboration between business and higher education institutions.
For UWC, the discussion reinforced the importance of informed public engagement and connecting with business leaders. As South Africa heads into the second half of 2026, the football match remains finely poised. The opening forty-five minutes may have shown signs of recovery, but the final result will depend on the decisions taken by government, business and corporate South Africa in the months ahead.
@uwconline Business leaders, academics and industry partners gathered at UWC's Mid-Year Economic and Business Outlook Breakfast as Professor Raymond Parsons unpacked South Africa's economic outlook and the global forces shaping what's next. #IAmUWC ? the next station is shibuya - adturnup
