The IMF has given SA a vote of confidence, revising its growth projections, but also warned that progress would be slow unless structural reforms were implemented. The IMF expects economic growth to strengthen to 1.5% in 2018 and to 1.7% in 2019. These estimates come after the IMF in January slashed growth forecasts for both 2018 and 2019 to less than 1%. According to the IMF, the medium-term outlook is subdued, with growth expected to stabilise at 1.8% over 2020–23. Its new projections are in line with the World Bank and the Treasury’s estimates. The World Bank expects growth to accelerate to 1.4% in 2018 and 1.8% in 2019, while the Treasury forecasts growth of 1.5% in 2018 and 1.8% in 2019. While expected growth remains subdued at less than 2%, the IMF’s latest World Economic Outlook released on Tuesday says the onset of a new political leadership in SA has reduced policy uncertainty. “Business confidence is likely to gradually firm up with the change in the political leadership, ...

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