YOU know you’re in economic trouble when you start quibbling about variations on close-to-zero growth.So, when the Reserve Bank raises its 2016 growth forecast from zero to 0.4% it shouldn’t be that much cause for celebration. At this level, SA is still going backwards at a rapid rate. Given that population growth is about 1.7%, we are all, on average, getting poorer.At least the Bank’s forecasts, disclosed in Thursday’s statement by the monetary policy committee, are a little happier, with forecasts for the next two years also increased, albeit only by a marginal 0.1 percentage point.Its inflation forecasts are looking a little better, too, with inflation now expected to peak at a "notably" lower level, in the words of governor Lesetja Kganyago — 6.7% later in 2016 compared with 7.1% previously — and to make an earlier sustained return to inside the target range.The August figure of 5.9% was temporary, with inflation expected to climb again later in 2016 as food price inflation rea...
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