south Africa’s ‘Everything Rally’ Faces Test as Unemployment Looms
Published November 29, 2025
johannesburg – A remarkable surge across South african assets this year is facing a critical juncture. While stocks, bonds, and the currency have experienced significant gains, sustained growth hinges on the nation’s ability too address its persistently high unemployment rate, according to a report by Bloomberg.
The rally has been fueled by a combination of factors, including rising commodity prices and ongoing goverment reforms. The benchmark equity index has climbed approximately 46% in dollar terms. Furthermore, local-currency government debt has yielded returns more than double the emerging-market average. The rand is currently poised for its strongest annual performance against the dollar since 2022.
Key Performance Indicators
| Asset Class | Year-to-Date Performance |
|---|---|
| Equity Index | +46% (USD) |
| Local-Currency Government Debt | >2x Emerging Market average |
| rand (ZAR) | Strongest year vs. USD as 2022 (projected) |