Pravin Gordhan expects SA's economy to grow more than 1% in 2017
The finance minister also says SA has put in much hard work to ensure the country presents 'a united national front', in hopes of avoiding a credit downgrade
LONDON — SA’s economy could grow more than 1% in 2017, Finance Minister Pravin Gordhan said on Monday in the UK.He told the FT Africa Summit that SA hoped to be able to avoid a ratings downgrade."We predict over 1% next year," Gordhan told reporters on the sidelines of the summit, declining to comment on this year’s growth expectations.Asked how worried he was about a possible downgrade by ratings agencies, Gordhan said he would not want to see that happen."We have put a lot of hard work into ensuring that we present a united national front and also that we communicate a lot better," he said.Fitch and SP Global Ratings both score SA at BBB-, the lowest rung on the investment ladder. This means that more conservative funds are able to invest in the country’s assets.Both agencies hold a negative outlook on the rating and the next round of reviews are due in December.Reuters
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