• Matchmaker businesses

    Multisided platforms can create huge value for society and fortunes for entrepreneurs, says Ian Mann.

  • Future imperfect

    A lack of compassion with ordinary people is crucial to SA’s failures, says Mandi Smallhorne.

  • Will Gordhan be fired?

    An economist ponders the top question concerning those who control international capital flows.

All data is delayed
See More

IMF: SA needs to limit spending growth

Nov 16 2011 12:13

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
Comments have been closed for this article.

Company Snapshot

Money Clinic

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

Voting Booth

Do you use all your downloaded apps on your smartphone?

Previous results · Suggest a vote