IMF Cuts South Africa 2024 Growth Forecast
- IMF slashes 2024 South Africa growth estimate almost in half
- Country’s logistic woes blamed for weaker sub-Saharan growth
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The International Monetary Fund downgraded its economic-growth forecasts for South Africa, warning that logistical challenges are constraining activity and acting as a drag on the entire region.
Africa’s most-industrialized economy will likely grow a meager 1% this year, significantly slower than the IMF’s forecast in October, when it saw South Africa’s gross domestic product expanding by 1.8%, the Washington-based lender said Tuesday in an update to its World Economic Outlook.