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South Africa’s economy will grow 2% in 2015-16: IMF

by ChemOrbis Editorial Team -
  • 24/06/2015 (17:58)
According to media reports, the International Monetary Fund (IMF) expects South Africa’s economy to expand by 2% this year and in 2016 after posting a growth rate of 1.5% in 2014. According to the IMF, the country’s growth and jobs outlook remains weak, although their expectations call for a slight improvement for 2015 and 2016.

The IMF reportedly listed electricity shortages, regulatory uncertainties, renewed labor tensions, volatility in global financial markets and slower global growth as the main factors slowing the country’s economic growth. According to the IMF, however, external vulnerability in South Africa’s economy has weakened recently.

The IMF also predicts the current account deficit to fall to 4.8% of GDP in 2015 compared with 5.4% in 2014 due to lower oil prices while adding that the country’s balance of payments has shown resilience to the stronger US dollar.
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