The International Monetary Fund has lowered South Africa’s economic growth forecast for this year by 0.5% from 1.2% forecast in April to 0.7%, as global growth also slowed down.
IMF economist, Gita Gopinath, reiterated that global economy is in a synchronised slowdown
In the October World Economic Outlook, the IMF said growth in South Africa is expected to be weaker than projected in April, despite a moderate rebound in the second quarter.
The IMF outlook said this slow growth forecast followed a very weak first quarter, in which the economy slowed 3.2 percent.
The IMF also cut the global growth estimate to 3%, its weakest since 2009, as a result of global economic risks, rising debt levels and trade tensions.
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