Gordhan Cuts South Africa’s Growth Forecast To 2.7%

27 February 2012 - Which Way to Pay

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Gordhan Cuts South Africa’s Growth Forecast To 2.7%

Pravin Gordhan, South Africa’s Finance Minister, has cut his forecast again as the situation in Europe remains uncertain. Gross domestic product is expected to expand 2.7 % this year, significantly lower than the 3.4 % predicted last October. He estimated that in 2011 the economy grew 3.1 %. While growth in the biggest economy on a continent where average growth is expected at 5.5 % is forecasted at only 2.7 % has led many to call for a new strategy to overcome a potential global crisis.

The International Monetary Fund, lowered its estimate for South African growth to 2. 5% in January as it forecasted that Europe will contract 0.5 %. That is less than half of the 7 % expansion South Africa says it needs to meet a pledge to create 5 million jobs by 2020. The unemployment rate of 23.9% is one of the highest in the world. The National Treasury said that South Africa will probably add 850,000 jobs over the next three years, lowering the unemployment rate to 23 % in 2014 but that ,”A high degree of risk clouds the global outlook. While global developments are likely to hold back growth over the short term, the domestic outlook remains positive.”

Gordhan said, “We have to implement a strategy for faster and more inclusive economic growth.” He added, “We are not doing well enough in growing our economy and creating jobs for our young people.”

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Related Links:
• IMF
South Africa
• National Treasury
South Africa’s national government finances
• South African Reserve Bank
The central bank of the Republic of South Africa.
• South Africa Government
Government Information

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