Fitch slices growth outlook for 2023 on worsening power cuts
The ratings agency is now forecasting GDP growth of just 0.2% in 2023, down from a December estimate of 1.1%, thanks to load-shedding
31 March 2023 - 05:00
Fitch Ratings has slashed SA’s economic growth forecast for 2023 due to the unprecedented load-shedding endured by the country this year.
In a webinar on Thursday titled “Sovereign Hot Spots” covering SA, Brazil, India and Turkey, the ratings agency said the severity of load-shedding in the first quarter meant it was now forecasting GDP growth of just 0.2% in 2023, though it expected a recovery to 1.2% in 2024. That is substantially lower than Fitch Ratings’ prediction on December 23 2022, when it said GDP would likely expand by 1.1% in 2023 and stage a mild recovery to 1.7% in 2024...
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