Absa slashes forecast for SA’s economic growth
GDP downgraded as severe load-shedding continues to weigh heavily on business confidence
09 May 2023 - 19:40
Absa Bank has downgraded SA’ economic growth prospects for a second successive time, citing factors such as worsening power cuts and transport logistics, higher interest rates and lower commodity prices.
In its latest economic research paper, the bank said it now forecast 0.3% real GDP growth in 2023, 0.4 percentage points lower than its previous projections, as severe power rationing continues to weigh heavily on business confidence and energy-intensive sectors...
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