Welcome to Wesgro Research Unit’s inaugural newsletter, which will share our most recent research publications, complete with links provided to all tourism and economic related reports.
The first quarter of 2022 will be remembered for many things. From the lingering effects of the Omicron variant to the very real prospect of higher global inflation and a slower than-expected economic recovery, to the developments that have, and continue to transpire in the Ukraine, these events will be permanently etched in our minds for decades to come. The economic consequences and costs to the globe will be unprecedented.
Despite these global developments, the Western Cape saw a number of positive developments in late 2021 and into early 2022, including a notable economic rebound in 2021, evidence of returning travel confidence, strong growth in global exports, and solid investment inflows. The return of in-bound travel has also been warmly welcomed.
Economic Trends, and Trade and Investment Plans
From an economic perspective, the local economy saw a strong return to growth in 2021, with most sectors recording positive output. From a trade and investment perspective, the province continues to actively trade and engage with many economies worldwide, with recent research-focus countries including Argentina, India, New Zealand, Saudi Arabia, Denmark, and the Netherlands. Closer to home, Africa remains a key focus market for the Western Cape, with recent publications including an overview of trade, FDI and tourism flows between the Western Cape and Botswana, Nigeria, and Cameroon.
A number of American states and European counties have also been of interest, including Florida and California, and Flanders.
Locally, a number of sectors remain key, including the tech sector, with a recent publication assessing the viability of a potential drone industry hub in the West Coast district. The local boat manufacturing sector is also a key driver, with the province not only the production hub of the South African boatbuilding industry, but the second largest manufacturer of catamarans globally, second only to France.