Presenting the report to the media in Johannesburg this week, PwC CEO Dion Shango said its release came at a time of slow growth around the world as well as low oil and commodity prices. These factors have hampered economic growth and particularly affected those economies dependent on oil, such as South Africa, Nigeria and Angola.

“2016 was a year that nobody could have predicted in terms of some of the developments we saw,” said Shango, mentioning the election of Donald Trump as United States president and the vote by the United Kingdom to leave the European Union.