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Good news for SA’s economy as IMF revises growth outlook to 3.1%

The IMF said this was due to accelerated vaccinations and a flood of government spending on ways to beat COVID-19.

Picture: Thomas Holder/EWN.

JOHANNESBURG - The International Monetary Fund (IMF) has on Tuesday revised its growth outlook for South Africa upwards, which is good news the country that is battling the effects of COVID-19.

It’s revised its growth figures of 2.8% to 3.1% for this year.

The country is battling to recover from the effects of the COVID-19 lockdown with record unemployment.

The IMF estimated global growth to expand by 6% this year.

It said this was due to accelerated vaccinations and a flood of government spending on ways to beat COVID-19.

The IMF forecasted growth of 2.8% for South Africa but now revised this upward.

Earlier forecasts saw a contraction of over 7% for this country last year with the hope that the economy can now bounce back.

Government was criticised for its slow response in securing vaccines, which economists see as vital to securing continued economic growth.

The IMF last year approved $4.3 billion in emergency financial assistance under the rapid financing instrument to support the South African government as the country was hit by the effects of the lockdown.

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