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South Africa GDP Growth Too Slow to Improve Conditions, IMF Says

  • Wage negotiation practices exclude people from the economy
  • Support for state-owned companies drain state coffers

Economic growth in South Africa is too slow to improve living standards in a country where a third of the population is excluded from the economy, according to the International Monetary Fund.

“The cost of insufficient action has reached the critical point,” the lender’s First Deputy Managing Director David Lipton said in a speech in Johannesburg on Tuesday. “What is needed is a fresh and energetic review of South Africa’s policies, followed by action.”