• Change of culture needed

    The right leadership will help SA shed its culture of violence, says Mandi Smallhorne.

  • 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

Loading...
See More

IMF: SA needs to limit spending growth

Nov 16 2011 12:13 Reuters

Related Articles

IMF warns rich nations may hit recession

IMF: World economy risks 'lost decade'

Russia raps eurozone crisis management

Brics want IMF reform for eurozone aid

Swaziland struggles to pay salaries

Lagarde takes rescue talks to Russia

 

Cape Town - The International Monetary Fund (IMF) said on Wednesday it had cut its economic growth projections for South Africa to 3.0% for this year and next due to a sluggish global economy.

“Growth has slowed down very dramatically and we’ve revised our numbers, reflecting both domestic trends and global trends. We’ve revised growth to 3% this year and next at this juncture,” IMF representative Abebe Selassie told members of parliament.

In October, the IMF said South Africa’s economy would grow by 3.5% this year.

The IMF’s latest growth expectations are largely in line with those of the National Treasury, which last month also cut its forecast for 2011 to 3.1% from 3.4%.

Africa’s biggest economy has been hit hard by a slowdown in the eurozone, its biggest major trading partner.

Reserve Bank governor Gill Marcus said on Tuesday a meltdown in that region would have severe implications for South Africa.

imf  |  national treasury  |  debt  |  sa economy

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Top 10 richest musicians of all time

Check out the gallery to find out who they are!

 
 

Luxury living

10 of the most expensive things that will leave your jaw hanging!
Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...