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IMF revises global growth forecast; SA lags behind

While the IMF revised the world's economic growth upwards for both this year and 2018, South Africa's growth outlook remains at 0.8%.

FILE: A man walks past the headquarters of the International Monetary Fund (IMF) in Washington, DC. Picture: AFP.

CAPE TOWN - The International Monetary Fund (IMF) has revised the global economic growth forecast upwards, but South Africa lags behind the trend.

The IMF released its World Economic Outlook data on Tuesday.

Revised data shows an uptick in global growth from 3,1% to 3,5% this year, together with an unimproved rate in 2018. It has also warned that countries should work to stop protectionist measures and ensure that gains from growth are shared widely.

While the IMF revised the world's economic growth upwards for both this year and 2018, South Africa's growth outlook remains at 0.8%.

Economist Mike Schussler explains: “On top of that, they have a faster growing population than the world average.
So our wealth, as expressed in per capita GDP, is declining compared to the rest of the world.”

The organisation attributes both this year's and 2018's marginal growth improvement to the rebound seen in commodity prices, the expansion of the country's electricity capacity as well as the effects of the drought dissipating.

It furthermore predicts a slight increase in South Africa's unemployment rate next year.

(Edited by Shimoney Regter)

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