IMF trims forecast for SA’s growth as pandemic hits tourism and commodities
The country is expected to rebound 2.8% in 2021, but growth may slow in 2022 to just 1.4%
The IMF revised downwards SA’s economic growth projections for the year and expects GDP expansion to be almost a percentage point lower than the Reserve Bank’s most recent forecasts, as emerging markets lag behind a potential recovery due to hits to tourism and some commodity markets.
The US-based lender of last resort said in its World Economic Outlook report released on Tuesday that SA’s economy would grow 2.8% in 2021, a slight downgrade on its 3% projection in October. The economy is estimated to have declined 7.5% in 2020, the organisation said. It said growth would slow in 2022, to just 1.4%...