IMF revises down growth prospects
By TMG Editor - 08 October 2014
THE International Monetary Fund (IMF) has again revised down South Africa's economic growth prospects‚ making it the latest in a number of institutions to do so as strikes and energy supply constraints negatively affect output.
The IMF cut South Africa's economic growth outlook for this year to 1.4% from 1.7% in July in its latest World Economic Outlook report released yesterday.
The projection for next year was cut to 2.3% from 2.7%.
The Reserve Bank cut its own economic growth forecast for this year to 1.5% in September from 1.7% earlier.
"Growth in 2014 is being dragged down by industrial tensions and delays in fixing infrastructure gaps‚ including electricity constraints‚" the IMF said. – BDpro
