IMF Raises Growth Forecast For South Africa

18 April 2012 16:00 - Florence Fullalove

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IMF Raises Growth Forecast For South Africa

The International Monetary Fund has revised its growth forecast for South Africa, saying its economy is likely to expand by 2.7% in 2012, up from a previous estimate of 2.6%. In the IMF’s latest World Economic Outlook the estimates compare unfavourably with a more rapid pace of growth of 5.4% in sub-Saharan Africa as a whole. However, in 2013, the IMF expects growth in South Africa’s economy to accelerate to 3.4% while expansion in the region slows to 5.3%. The IMF said South Africa could be affected by the debt crisis in Europe because of its strong trade links with the area and that its local financial markets were also vulnerable.

The IMF said, “Adverse shocks affecting South Africa can quickly spread to neighbouring economies through their effect on migrant workers’ incomes, trade, regional investment and finance.” They also warned that the risk of further crisis in Europe was still at large and could potentially affect both advanced and emerging economies. The possibility of an oil price increased was also a considerable threat. The IMF forecasts South Africa’s inflation rate rising to 5.7%, in 2012 from 5% last year, and then slowing in 2013 to 5.3%. This is well below the Treasury’s latest estimate of 6.2%.

 

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