The IMF has put the country's growth forecast to just 1,1% for 2023, a contrast to the 3,7% growth rate expected for other sub-Saharan countries🌍 Economics SouthAfrica SSA
The International Monetary Fund has put the country's growth forecast to just 1,1% for 2023, a contrast to the 3,7% growth rate expected for other sub-Saharan countries.Lead economist at KPMG, Frank Blackmore, says with inflation at its current levels and ongoing strikes hurting our economy, it's unlikely a positive outlook will be achieved soon.
"But of course, that doesn't help, because that creates a second ground effect in inflation. First, we see things like fuel and food going up by currently 7.6%. "Then if wages start going up by 7.6% you get to the second wave coming through the inflation recycle, which is obviously not good because that pushes interest rates higher."
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