[miningmx.com] – THE International Monetary Fund (IMF) has cut South Africa’s economic growth outlook for this year from 1.3% to 0.7% – the lowest forecast on record so far, said BDLive.
The growth projection for next year was revised down to 1.8% from 2.1%.
South Africa was among the region’s largest economies whose growth would be negatively affected by lower commodity prices and higher borrowing costs, said BDLive citing the IMF in its World Economic Outlook update.
Subdued economic growth means lower investment spending by the private sector and modest job creation. It also means sovereign credit rating downgrades remain a possibility, said BDLive.
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