The IMF has revised its growth of South Africa downward
The IMF released its October 2022 World Economic Outlook and revised global growth expectation for 2023 to 2.7 percent, down from 2.9 percent in July 2022.It expects the long-term average growth for the world economy is around 3.4 percent.
Sub-Saharan Africa is projected to grow at a faster pace than South Africa, at 3.7 percent next year. The outlook highlights that more energy and food price shocks might cause inflation to persist for longer. South Africa's economy has grappled with the energy crisis, KZN floods, rising food and fuel prices, and higher inflation.
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