AN UNDERVALUED currency could help protect South Africa from an expected global economic slowdown, according to Absa bank economists. In its review of the prospects for the economy following the attacks on the United States on September 11, the bank says a “tumbling rand may yet prove to be South Africa’s salvation in terms of the country being able to avoid a recession due to the boost it provides for exports while simultaneously curbing import growth. For 2001, our macroeconomic model now predicts GDP growth of 2.3 per cent in the post-attack scenario, compared with 2.5 per cent growth in our pre-US-attack forecast. In 2002, growth may be even slightly higher.”