##pedite the claims process and to ensure economic activity was restored. unfortunately, not all businesses have resumed to full or even partial activity following the riots. of concern was the significant number of affected businesses that were uninsured or under - insured and many were forced to shut down their operations. it is estimated that close to two million people were left unemployed by the july 2021 riots. this highlights the concerns around the insurance protection gap. in light of this, i would like to challenge this sector to develop products that will enable better protection and to ensure economic recovery post events of this nature. some learnings from these events, and which require further work include : • improved consumer education initiatives that clearly spell out what is covered and what is excluded under an insurance policy ; • clear proposals to address the insurance and risk protection gap, not only as a sector but also in partnership with the government ; and • the development of insurance products and solutions that take into account this changing landscape. the current economic outlook the domestic economy experienced rapid growth during 2021, after a sharp contraction in 2020. despite the steep contraction in gdp during the third quarter of 2021 due to the riots in kwazulu - natal, the domestic economy grew by 4. 9 % during 2021. gdp growth which would have surpassed pre - covid - 19 levels in the first quarter of 2022 was hampered by the january and march 2022 floods in kwazulunatal, the sharp correction in commodity prices and intensified load - shedding. the sarb forecasts gdp growth of 2 % in 2022 and 1. 3 % in 2023. global inflation has been on the rise since the first quarter of 2021, largely driven by the recovery in the oil price and consumer demand since the low levels experienced during the pandemic. inflationary pressures were exacerbated by the renewed lockdowns in china as well as the war in ukraine. this not only heightened uncertainty but also caused supply bottlenecks and disrupted food and energy markets. as a result of the combination of these adverse shocks, global growth is projected to slow down. central banks in advanced economies have begun with policy normalisation as they potentially face double - digit inflation over the next few months. emerging and developing economies are not exempt from the rise in inflation and now also face capital - flow and exchange - rate risks in the face of monetary policy normalisation. south africa ’ s headline inflation has also been rising, with the latest inflation number averaging 7. 4 %

cent. a continued rise in prices could have a negative impact so it is important that the government does not encourage this. the dutch situation is mentioned. i refer to the june version of danmarks nationalbank's monetary review, which includes an article on the netherlands. the issue of establishment of a petroleum fund would require further consideration ; after all, the lessons learned from the social pension fund are not exactly uplifting. in respect of business support, it would be useful to have statistics to underpin decision - making. the traffic section includes interesting points of view, as well as a somewhat discouraging outlook. traffic is getting worse, the number of cars is rising, transport of goods is also increasing, the possibilities of switching to rail transport are extremely limited, and a road - pricing system is not currently in the pipeline. at the same time, taxation does not necessarily ensure appropriate behaviour. signs point to more congestion on the roads.