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World Bank slashes SA’s economic growth outlook

The bank expects the South African economy to grow by 0.6% this year, cutting its January projection by 0.5 percentage points.

Picture: Supplied.

CAPE TOWN - The World Bank has decided to slash South Africa's economic growth outlook.

The institution released its latest World Economic Prospects report on Sunday.

In May, the South African Reserve Bank also cut the country's 2017 growth forecast to a sluggish 1%.

The World Bank expects the South African economy to grow by 0.6% this year, cutting its January projection by 0.5 percentage points.

It has cited the deterioration of investor confidence, following the country's downgrades, as one of the reasons for the downward revision.

The bank says the 'higher-than-anticipated' policy uncertainty in South Africa has also led to the subdued growth projection.

It further warns political uncertainty ahead of 'key elections' poses a risk to the country's recovery.

The report states the pick-up in commodity prices will further assist in kick-starting growth in emerging markets, like South Africa.

That is also a contributing factor in the World Banks' decision to revise global growth upwards to 2.7% for 2017.