SA Reserve Bank expects economy to bounce back
The SA Reserve Bank expects the economy to bounce back from the 0.7% contraction, which saw economic growth shrink to below pre-pandemic levels. In its bi-annual monetary policy review report, the bank said third-quarter economic growth was forecast to rebound by 0.4% because of base effects. However, continued load shedding is likely to put a damper on growth for the last three months of the year and over the medium term.
While the global economic growth rate for 2022 has been downwardly revised by the IMF [International Monetary Fund] and was now forecast to slow to below 3% as major central banks are on a warpath against a rise in general prices and are determined to tame inflation in some instances at the cost of economic growth. Parts of the Eurozone are expected to see stagflation conditions, which may possibly lead to a recession.
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