South Africa's near-term economic performance and current account are experiencing a cyclical uplift as a result of a combination of base effects following a large economic contraction in 2020, and improving terms of trade from higher commodity prices. Nevertheless, structural constraints, a weak pace of economic reforms, and low vaccination rates will continue to constrain medium-term economic growth, and limit the government's ability to contain the debt-to-GDP ratio. We affirmed our long- and short-term foreign currency ratings at 'BB-/B' and our long- and short-term local currency ratings at 'BB/B'. The outlook is stable. On May 21, 2021, S&P Global Ratings affirmed its 'BB-/B' long- and short-term foreign currency sovereign credit ratings and its 'BB/B' long- and short-term local currency sovereign
