Economics
South Africa Seen in 7-Year Slouch as IMF Cuts Growth View
- China's slowdown hurting South Africa as commodity prices drop
- Budget targets more difficult to achieve as GDP growth slows
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If economic growth in South Africa this year is bad news, 2016 is set to be even worse, according to the International Monetary Fund.
Two weeks before Finance Minister Nhlanhla Nene publishes revised growth forecasts, the Washington-based lender cut its estimatefor 2015 to 1.4 percent from 2 percent. More concerning was its projection that gross domestic product will expand just 1.3 percent next year, which would be the slowest pace since a recession in 2009.