The governor has taken note that key upside risks to the economy include rising water, electricity, food, and oil prices.
JOHANNESBURG - Reserve Bank Governor Lesetja Kganyago says given the current economic vulnerabilities, practical and urgent reforms are needed to promote growth.
“The MPC assessed that the risk to the growth forecast continues to be on the downside. Monetary policy actions will continue to focus on anchoring inflation expectations closer to the midpoint of inflation targets in the interest of balance and sustainable growth.” The change in rhetoric reflects modest price increases in the past two months, of around 4% which is well within the Reserve Bank's 3% to 6% target range.“Over the forecast period, growth in household expenditure is expected to decline to 1% in 2019 and 1.4% in 2020.”
Chief economist at Nedbank Dennis Dykes said load shedding had already sliced any hope of economic growth.
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