{"id":65014,"date":"2024-04-25T09:41:19","date_gmt":"2024-04-25T09:41:19","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/sarb-governor-lesetja-kganyago-warns-of-structural-problems-in-south-africa"},"modified":"2024-04-25T09:59:42","modified_gmt":"2024-04-25T09:59:42","slug":"sarb-governor-lesetja-kganyago-warns-of-structural-problems-in-south-africa","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/sarb-governor-lesetja-kganyago-warns-of-structural-problems-in-south-africa","title":{"rendered":"SARB Governor Lesetja Kganyago warns of structural problems in South Africa"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>South Africa\u2019s economy is growing extremely slowly despite increased output, pointing to structural problems holding the country back.<\/p>\n

South African Reserve Bank (SARB) Governor Lesetja Kganyago recently spoke to CNBC at the International Monetary Fund\u2019s Springs Meetings.<\/p>\n

He said South Africa\u2019s economy only grew by 0.6% last year despite closing the output gap. \u201cWhat that tells us is that the problems of this growth are structural in nature,\u201d he said.<\/p>\n

According to the SARB\u2019s forecasts, South Africa\u2019s economic growth is set to average just over 1% over the next two years.<\/p>\n

\u201cClearly, the structural changes need to be implemented to get this economy growing again,\u201d the Governor said.<\/p>\n

He explained that South Africa\u2019s economy needs to raise its potential growth rate to see meaningful improvements in the future.<\/p>\n

The SARB predicts 1.2% GDP growth for South Africa in 2024 and has pointed to supply-side problems being the reason for the country\u2019s low growth in 2023.<\/p>\n

In its March Monetary Policy Statement, the SARB said electricity load-shedding was worse than in previous years. Port and rail problems also emerged as binding constraints on output.<\/p>\n

\u201cOur forecasts indicate a modest growth acceleration from this year as these supply-side constraints relax,\u201d the SARB said.<\/p>\n

\u201cIn particular, we expect the load-shedding burden will ease somewhat. While we estimate electricity shortages took 1.5 percentage points off GDP last year, we think this will moderate to 0.6 percentage points this year and 0.2 percentage points in 2025.\u201d<\/p>\n

The SARB estimates that electricity shortages took 1.5 percentage points off GDP last year. It expects this to moderate to 0.6 percentage points this year and 0.2 percentage points in 2025.<\/p>\n

\u201cOverall, we see growth at 1.2% this year, improving to 1.6% by 2026. These projections are better than the 2023 outcome but below longer-run averages, which are around 2%.\u201d<\/p>\n

The SARB\u2019s concerns are shared by the National Treasury, which predicts 1.3% GDP growth in 2024.<\/p>\n

In the February 2024 Budget, the National Treasury said GDP growth had averaged only 0.8% since 2012, and this rate is insufficient to address high levels of unemployment and poverty.<\/p>\n

\u201cLong-term growth is highly dependent on improving capacity in energy, freight rail and ports and on continuing to reduce structural barriers to economic activity,\u201d it said.<\/p>\n

\u201cThe economic growth strategy prioritises macroeconomic stability, structural reforms and improvements in state capability to raise growth rates sustainably.\u201d<\/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 economy is growing extremely slowly despite increased output, pointing to structural problems holding the country back. South African Reserve Bank (SARB) Governor Lesetja Kganyago recently spoke to CNBC at the International Monetary Fund\u2019s Springs Meetings. He said South Africa\u2019s economy only grew by 0.6% last year despite closing the output […]<\/p>\n","protected":false},"author":84,"featured_media":65013,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[274,315,275],"class_list":["post-65014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nSARB Governor Lesetja Kganyago warns of structural problems in South Africa - South Africa<\/title>\n<meta name=\"description\" content=\"South Africa\u2019s economy is growing extremely slowly despite increased output, pointing to structural problems holding the ...\" \/>\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\/sarb-governor-lesetja-kganyago-warns-of-structural-problems-in-south-africa\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SARB Governor Lesetja Kganyago warns of structural problems in South Africa\" \/>\n<meta property=\"og:description\" content=\"South Africa\u2019s economy is growing extremely slowly despite increased output, pointing to structural problems holding the ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sarb-governor-lesetja-kganyago-warns-of-structural-problems-in-south-africa\" \/>\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=\"2024-04-25T09:41:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-25T09:59:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/04\/sm_1714026489.971177.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=\"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\/sarb-governor-lesetja-kganyago-warns-of-structural-problems-in-south-africa#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sarb-governor-lesetja-kganyago-warns-of-structural-problems-in-south-africa\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"SARB Governor Lesetja Kganyago warns of structural problems in South Africa\",\"datePublished\":\"2024-04-25T09:41:19+00:00\",\"dateModified\":\"2024-04-25T09:59:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sarb-governor-lesetja-kganyago-warns-of-structural-problems-in-south-africa\"},\"wordCount\":400,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sarb-governor-lesetja-kganyago-warns-of-structural-problems-in-south-africa#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/04\/sm_1714026489.971177.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sarb-governor-lesetja-kganyago-warns-of-structural-problems-in-south-africa#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sarb-governor-lesetja-kganyago-warns-of-structural-problems-in-south-africa\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sarb-governor-lesetja-kganyago-warns-of-structural-problems-in-south-africa\",\"name\":\"SARB Governor Lesetja Kganyago warns of structural problems in South Africa - 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