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IMF: SA needs to limit spending growth

Nov 16 2011 12:13 Reuters

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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

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