World Economic outlook - IMF South African economic growth forecast 2012 : The International Monetary Fund cut its forecast for South African economic growth for 2012 to 2.5 percent as Europe slides into recession.
The estimate compares with 3.6 percent predicted in September, the Washington-based fund said in an update of its World Economic Outlook released today. The economy expanded 3.1 percent in 2011, it said.
“The impact of the global slowdown on sub-Saharan Africa has to date been limited to a few countries -- most notably, South Africa,” according to the report.
The debt crisis in Europe, which buys about a third of South Africa’s manufactured goods, is undermining the recovery in Africa’s biggest economy, threatening a target to create 5 million jobs by 2020. In October, Finance Minister Pravin Gordhan cut his estimate for growth this year to 3.4 percent from 4.1 percent. South Africa’s jobless rate of 25 percent is the highest of 61 nations tracked by Bloomberg.
Sub-Saharan Africa’s economy will probably expand 5.5 percent in 2012, down from an earlier estimate of 5.8 percent, the IMF said.
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