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IMF slashes economic growth forecast for South Africa

IMFTVC E, BUSINESS – The International Monetary Fund, IMF has cut its economic growth forecast for South Africa by almost half to less than 1 percent, as commodity prices slump and global demand remains weak.

Gross domestic product in Africa’s most industrialized nation will probably expand 0.7 percent this year, compared with October’s estimate of 1.3 percent.

IMF said in an update to its World Economic Outlook report on Tuesday, that it is cutting its projection for next year by 0.3 percentage points to 1.8 percent.

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South Africa’s economy is struggling to cope with a plunge in metal prices, heightened by a slowdown in its biggest export market, China.

Finance Minister, Pravin Gordhan is set to announce new growth forecasts in his budget speech next month.

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