South Africa to Miss Growth Target on Slow Reforms, Moody’s Says

South Africa’s gradual structural reforms are breathing life into the economy, but aren’t sufficient to lift the growth rate to the government’s 3.5% target, according to Moody’s Ratings.

Africa’s largest economy has grown less than 1% annually for more than a decade, hamstrung by dilapidated infrastructure, electricity shortages, logistics bottlenecks, crime and corruption. A coalition government formed after the African National Congress lost its majority in last year’s national elections has prioritized reforms as it seeks to spur growth to as much as 3.5% by 2030.