IMF revises South Africa’s growth outlook for 2021

Business

Johannesburg – The International Monetary Fund has revised South Africa’s growth outlook upwards from 4% to 5% for this year.

The latest forecast is good news for the country, which needs to show investors that the economy has growth potential.

It follows an upward revision from the Reserve Bank last month when it said the local economy is likely to grow by 5.3% this year.

The higher than expected growth comes from a low base last year during the economy contracted by more than 6%.

In its latest global economic outlook, the IMF has warned slow vaccination rates in developing countries will halt their recovery.

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