BizNews Radio

For the past two years, the world has watched with alarm as Ukraine faced a brutal invasion by Russia. The conflict had a profound effect on the global economy, with rising energy prices and consumers feeling the pinch. However, the Ukraine crisis has been suddenly eclipsed by another flashpoint in the Middle East: the violent escalation between Israel and Hamas. In an interview with Biznews, political analyst at the University of Johannesburg, Professor Theo Venter, says the Israel-Hamas conflict has now become the World’s Number One Crisis. Prof Venter says that the Hamas attack was an intelligence failure and that Israel is likely to retaliate with a “20-pound hammer,” which could lead to an unprecedented humanitarian crisis. In an interview with Biznews, he said that we will all be impacted again like the Ukraine conflict did, with oil prices, the dollar, the pound, and the South African rand becoming more volatile while the price of gold and oil will increase. Prof Venter also gave his prediction of the outcome of the 2024 elections in South Africa. He suggests that despite consistently polling below 50% of support, the ANC is likely to retain power. Venter also predicts that the Multi-Party Charter will get “deep in the 30s” in the 2024 elections. Rapid urbanisation with more voters aware of the effects of load shedding and infrastructure collapse in the country will be two most important game changer, he says. - Linda van Tilburg