{"id":54881,"date":"2023-10-11T12:02:40","date_gmt":"2023-10-11T12:02:40","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/encouraging-news-for-south-africas-economy"},"modified":"2023-10-11T13:00:27","modified_gmt":"2023-10-11T13:00:27","slug":"encouraging-news-for-south-africas-economy","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/encouraging-news-for-south-africas-economy","title":{"rendered":"Encouraging news for South Africa\u2019s economy"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Africa\u2019s economic activity will likely slow again this year amid taxing headwinds but is expected to recover in 2024, according to the International Monetary Fund\u2019s latest regional outlook.<\/p>\n

Growth in sub-Saharan Africa\u2019s gross domestic product is forecast to edge down to 3.3% from 4% in 2022 before bouncing back to 4% next year, the IMF said in the report, released Tuesday in Marrakech<\/p>\n

\u201cA long-awaited rebound is on the horizon. Inflation is falling, public finances are stabilising, and growth is poised to increase,\u201d the IMF said. \u201cStill, even though the outlook is less ominous, it is still too early to celebrate.\u201d<\/p>\n

The region was slammed by the pandemic and surging food prices after Russia\u2019s invasion of Ukraine, with soaring inflation leading to aggressive interest-rate increases around the world.<\/p>\n

That\u2019s led to a vicious funding squeeze in Africa amid rising debt-service costs and weakening currencies.<\/p>\n

Even so, the IMF voiced cautious optimism.<\/p>\n

\u201cModel estimates suggest the region\u2019s economic recovery may already have started,\u201d the IMF wrote in an analysis that carried the hopeful title, \u201cLight on the Horizon?\u201d<\/p>\n

South Africa, which accounts for 19.5% of the regional economy and is being hobbled by rolling power shortages and infrastructure bottlenecks, is seen playing a key role in the upswing.<\/p>\n

Growth in its economy, which is forecast to grow by 0.9% this year \u2013 up from its last forecast in July of 0.3% growth \u2013 is predicted to accelerate further to 1.8% in 2024, the IMF said, based partly on continued improvements in the supply of the country\u2019s electricity.<\/p>\n

Nigeria, the region\u2019s other economic powerhouse, which has undergone painful reforms since President Bola Tinubu took office in May, is poised to expand 2.6% this year and 3.1% next.<\/p>\n

The IMF sees those gains extending to four-fifths of sub-Saharan Africa, though it warned that a two-speed recovery would persist, with nations who depend heavily on exporting raw materials lagging better-diversified economies.<\/p>\n

Factors aiding the upturn include the end of the pandemic, more resilient-than-expected consumption and a gradual decline in the rate of inflation around the world.<\/p>\n

The South African Reserve Bank (SARB) also recently increased its forecasted economic growth for South Africa to 0.7% from 0.4%.<\/p>\n

While households and firms exhibit some resilience, economic growth has been volatile and highly sensitive to new shocks. An improvement in logistics and a sustained reduction in load-shedding, or greater energy supply from alternative sources, would significantly increase growth, the SARB said.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Africa\u2019s economic activity will likely slow again this year amid taxing headwinds but is expected to recover in 2024, according to the International Monetary Fund\u2019s latest regional outlook. Growth in sub-Saharan Africa\u2019s gross domestic product is forecast to edge down to 3.3% from 4% in 2022 before bouncing back to 4% next […]<\/p>\n","protected":false},"author":84,"featured_media":54880,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-54881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nEncouraging news for South Africa\u2019s economy - South Africa<\/title>\n<meta name=\"description\" content=\"Africa\u2019s economic activity will likely slow again this year amid taxing headwinds but is expected to recover in 2024, ac ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/encouraging-news-for-south-africas-economy\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Encouraging news for South Africa\u2019s economy\" \/>\n<meta property=\"og:description\" content=\"Africa\u2019s economic activity will likely slow again this year amid taxing headwinds but is expected to recover in 2024, ac ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/encouraging-news-for-south-africas-economy\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-11T12:02:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-11T13:00:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1697016588.109433.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/encouraging-news-for-south-africas-economy#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/encouraging-news-for-south-africas-economy\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Encouraging news for South Africa\u2019s economy\",\"datePublished\":\"2023-10-11T12:02:40+00:00\",\"dateModified\":\"2023-10-11T13:00:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/encouraging-news-for-south-africas-economy\"},\"wordCount\":415,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/encouraging-news-for-south-africas-economy#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1697016588.109433.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/encouraging-news-for-south-africas-economy#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/encouraging-news-for-south-africas-economy\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/encouraging-news-for-south-africas-economy\",\"name\":\"Encouraging news for South Africa\u2019s economy - 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