IMF slashes its growth forecast for SA, warns of economic stagnation
The Washington-based institution cites load-shedding and weaker commodity prices for the sharp deceleration
22 March 2023 - 16:34
The IMF has slashed its growth forecast for SA to just 0.1% for this year and has warned that SA risks economic stagnation unless it acts with urgency to step up the pace of economic reforms.
The IMF, which had lifted its growth forecast to 1.2% in January, cited the increase in the intensity of power cuts and weaker commodity prices for the recent sharp deceleration in SA’s growth prospects. And though it expects growth to pick up in the medium term, it sees this averaging only about 1.5%...
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