Unwinding fiscal and monetary support in 2022 and beyond. PwC’s South African Economic Outlook (November/December) report updates our different forward-looking scenarios for the South African economy in 2021-2022. Our economic forecasts are influenced by assumptions about the adverse impact of COVID-19 lockdown restrictions and electricity load-shedding, combined with the positive impact of fiscal and monetary policy support measures. This document provides forecasts for economic growth, the unemployment rate, consumer price inflation, interest rates and the exchange rate. The report and associated projections are updated on a monthly basis – although revisions could occur more frequently based on major economic data releases or key influential events. This edition is up to date as of 30 November 2021.