IMF cuts growth forecasts, with SA being the biggest loser among major economies.
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GUEST - Isaah Mhlanga -Chief Economist and Head of Research at Rand Merchant Bank
The International Monetary Fund (IMF)’s April update to the World Economic Outlook has trimmed the global growth prospects for the year – including a sizeable slice off South Africa’s GDP forecast.
As announced in March, the IMF has cut South Africa’s GDP growth outlook to a paltry 0.1% for 2023, showing that the country is flirting with a full-year recession.
However, more damning is the fact that South Africa is the biggest loser among all major global economies detailed in the IMF’s report, having its GDP outlook shaved by 1.1 percentage points from the January report.
The only other major economy to come close to this is Japan, which the IMF forecasts will see a 0.5 percentage point reduction in its GDP rate to 1.1% in 2023.
The International Monetary Fund (IMF)’s April update to the World Economic Outlook has trimmed the global growth prospects for the year – including a sizeable slice off South Africa’s GDP forecast.
As announced in March, the IMF has cut South Africa’s GDP growth outlook to a paltry 0.1% for 2023, showing that the country is flirting with a full-year recession.
However, more damning is the fact that South Africa is the biggest loser among all major global economies detailed in the IMF’s report, having its GDP outlook shaved by 1.1 percentage points from the January report.
The only other major economy to come close to this is Japan, which the IMF forecasts will see a 0.5 percentage point reduction in its GDP rate to 1.1% in 2023.
