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HomeNews Headlines#BizPrime NUMBER OF THE DAY: 1%

The International Monetary Fund has raised its forecast for economic growth in about south here”>south–about africa here”>africa/” title=”View all articles about South Africa here”>South Africa. And our number of the day is what it’s now expecting – growth of 1 percent. Previously the IMF predicted the economy would grow by only 0.8% in 2017 so this is good news.
The better forecast follows signs that the drought has broken in most parts of southafrica/” title=”View all articles about South Africa here”>South Africa, as well as better data. But we should bear in mind that one per cent growth still means South Africa is one of the underperformers in Southern Africa and in the world. One per cent is still nowhere near the growth needed to deal with poverty, inequality and very high unemployment rates. Without growth, South Africa will struggle to contain its debt which, combined with political uncertainty, have led to two downgrades by credit rating agencies.

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