{"id":59078,"date":"2024-01-06T15:53:18","date_gmt":"2024-01-06T15:53:18","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africas-economic-growth-expected-to-double-in-2024-2"},"modified":"2024-01-06T16:12:09","modified_gmt":"2024-01-06T16:12:09","slug":"south-africas-economic-growth-expected-to-double-in-2024-2","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africas-economic-growth-expected-to-double-in-2024-2","title":{"rendered":"South Africa\u2019s economic growth expected to double in 2024"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>South Africa\u2019s economic growth is expected to improve to 1.0% year-on-year from the likely 0.5% year-on-year growth in 2023.<\/p>\n

This is the view of Investec chief economist Annabel Bishop, who said 2024 could see the start of an interest rate-cutting cycle, lower inflation on average, and improvements to infrastructure.<\/p>\n

She said economic growth in 2024 will be lifted by a reduction and the eventual elimination of congestion at the country\u2019s ports.<\/p>\n

However, she warned that electricity supply is not expected to fully and consistently meet demand this year, and higher stages of load-shedding are likely.<\/p>\n

\u201cBut 2025 should see more capacity from private sector generation, with further build-up over subsequent years,\u201d she added.<\/p>\n

South Africa\u2019s economy will likely also get a boost from global economic growth.<\/p>\n

The OECD highlighted the likelihood of only a mild slowdown in global growth in 2024, to 2.7% year-on-year versus 2.9% in 2023.<\/p>\n

2024 has already started relatively strong for the South African economy.<\/p>\n

Financial markets\u2019 appetite for risk-taking increased into the end of 2023, and the rand strengthened to R18.30\/USD, with the JSE gaining close to 12% from early November.<\/p>\n

However, both have weakened somewhat to market jitters in the first week of the year.<\/p>\n

\u201cDomestically, sentiment concerns also centre around the nature of the coalition government after the national elections, likely in Q2 2024, which is also dulling business confidence, while uncertainties over the global environment persist, adding to volatility,\u201d Bishop said.<\/p>\n

However, she said the local economy will likely get a boost from lower interest rates this year.<\/p>\n

As expected, the rise in South Africa\u2019s CPI inflation rate later in the year proved temporary, dropping from 5.9% year-on-year in October to 5.5% in November, and will likely fall to near 5.2% in December\u2019s outcome, Bishop said.<\/p>\n

Downward pressure from fuel price cuts saw South Africa\u2019s inflation fall slightly towards the end of last year, as did rand strength for other commodities\u2019 prices.<\/p>\n

While January will likely see a slight rise in inflationary pressure, it will not necessitate higher interest rates.<\/p>\n

Instead, interest rate cuts are expected this year. However, the Monetary Policy Committee will most likely wait until CPI inflation runs around or below 4.5%, which is only likely in the year\u2019s second half.<\/p>\n

Investec expects three 25 basis point cuts in H2 2024, which would bring the repo rate down to 7.5%.<\/p>\n

\u201cHowever, the SARB may decide to cut interest rates ahead of time if it feels confident that its forecast has a high probability of CPI inflation averaging at, or below, 4.5% year-on-year in H2 2024.\u201d<\/p>\n

\u201cIt is too early to tell with 100% certainty if this will be the case yet.\u201d<\/p>\n

source:dailyinvestor<\/b><\/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. South Africa\u2019s economic growth is expected to improve to 1.0% year-on-year from the likely 0.5% year-on-year growth in 2023. This is the view of Investec chief economist Annabel Bishop, who said 2024 could see the start of an interest rate-cutting cycle, lower inflation on average, and improvements to infrastructure. She said economic […]<\/p>\n","protected":false},"author":84,"featured_media":59077,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[274,315,275],"class_list":["post-59078","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nSouth Africa\u2019s economic growth expected to double in 2024 - South Africa<\/title>\n<meta name=\"description\" content=\"South Africa\u2019s economic growth is expected to improve to 1.0% year-on-year from the likely 0.5% year-on-year growth in 2 ...\" \/>\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\/south-africas-economic-growth-expected-to-double-in-2024-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Africa\u2019s economic growth expected to double in 2024\" \/>\n<meta property=\"og:description\" content=\"South Africa\u2019s economic growth is expected to improve to 1.0% year-on-year from the likely 0.5% year-on-year growth in 2 ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africas-economic-growth-expected-to-double-in-2024-2\" \/>\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=\"2024-01-06T15:53:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-06T16:12:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/01\/sm_1704544703.673738.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"432\" \/>\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=\"3 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\/south-africas-economic-growth-expected-to-double-in-2024-2#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africas-economic-growth-expected-to-double-in-2024-2\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"South Africa\u2019s economic growth expected to double in 2024\",\"datePublished\":\"2024-01-06T15:53:18+00:00\",\"dateModified\":\"2024-01-06T16:12:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africas-economic-growth-expected-to-double-in-2024-2\"},\"wordCount\":449,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africas-economic-growth-expected-to-double-in-2024-2#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/01\/sm_1704544703.673738.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africas-economic-growth-expected-to-double-in-2024-2#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africas-economic-growth-expected-to-double-in-2024-2\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africas-economic-growth-expected-to-double-in-2024-2\",\"name\":\"South Africa\u2019s economic growth expected to double in 2024 - 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