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Moody's puts SA's economic growth at 0.7% this year, blames load shedding

The country continues to be hit by load shedding with businesses complaining about lost productivity.

FILE: A clothing store in Claremont, Cape Town, in darkness as load shedding kicks in. Picture: Kaylynn Palm/EWN

JOHANNESBURG - Rating agency Moody's on Monday forecast that South Africa's economy will grow at 0.7% this year. It said this should increase to 0.9% next year.

South Africa has been battling to increase its growth by about 1%.

Moody's said the economy remained stuck in low gear.

Out of the three main rating agencies, Moody's is the only one to have the country in investment grade.

It's set to pronounce on South Africa's status in March with the hope that the agency will not join S&P Global and Fitch in placing the country in junk status.

Moody's has cited persistent economic weakness due to power cuts.

The country continues to be hit by load shedding with businesses complaining about lost productivity.

President Cyril Ramaphosa said in his State of the Nation Address that load shedding was here to stay, for now.