World Bank slashes growth forecasts for SA
The global financial institution has flagged policy uncertainty, a constrained fiscal space, weak business confidence and poor electricity supply
The World Bank has cut its forecasts for SA’s growth on Wednesday, highlighting “an array of overlapping constraints” including persistent policy uncertainty, constrained fiscal space, weak business confidence and poor electricity supply.
In its latest global economic prospects report, the financial institution cut its 2020 growth forecasts for SA to 0.9% from its previously held estimate of 1.5%. It also cut its estimated outcome for 2019 full year growth to 0.4% from 1.1%.