South Africa Among Slowest Growing Markets

31 July 2012 18:00 - Lucy Williams

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South Africa Among Slowest Growing Markets

Reports have showed that South Africa is amongst the ten slowest growing markets in Africa, a disappointing statistic for the South African economy. According to the African Development Bank (AfDB) it is the economies of sub-Saharan Africa that are keeping the African economy growing. Not only is South Africa witnessing a slow growing economy but the country has a worryingly high youth unemployment rate of 50 percent, higher than the rate of 25 percent in most African countries and 31 percent in more prosperous African countries. Unemployment across Africa continues to be a problem for many of the continents economies.

The African Development Bank also believes the European economic crisis to be a risk to Africa’s economic growth as does the slowdown in China which is adversely affecting African commodity exporters. The World Bank cautions that South Africa is in a vulnerable position from problems facing the Eurozone and China.

The AfDB has lowered the growth rate for South Africa’s economy to 2.9 percent from 3.2 percent where it was originally set at earlier on in the year. Mthuli Ncube, chief economist and vice president of AfDB told audiences that $50 billion was being pumped into a number of African economies. This should have the desired effect of sparking consumer spending across various countries. Global recession and instability will continue to hinder South Africa’s economic growth which is usually one of the continents leading economies.

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Related Links:
• African Development Bank
Official Website

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