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IMF cuts SA’s economic growth forecast for next two years

The fund says it expects South Africa's economy to grow by 0.9% this year, down from an earlier projection of 1.1% last October.

Picture: Supplied.

JOHANNESBURG - The International Monetary Fund (IMF) has cut South Africa's economic growth forecast for the next two years, citing rising political uncertainty which has dented investor confidence.

The fund says it expects South Africa's economy to grow by 0.9% this year, down from an earlier projection of 1.1% last October.

The IMF says in its world economic outlook that more subdued growth prospects are projected for South Africa, with growth expected to remain below 1% over the next two years.

It says increased political uncertainty will weigh on confidence and investment.

However, it has noted that the markets have rallied since Deputy President Cyril Ramaphosa's election as the president of African National Congress, as investors have warmed to his promises to root out corruption and kick-start economic growth.

Last week, Reserve Bank Governor Lesetja Kganyango said growth for this year was expected to be above 1%, citing lower inflation and a better economic outlook.

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