After losing its crown as the biggest economy in Africa back in 2014, IMF projections see South Africa reclaiming the title – but not for long.
South Africa is set to briefly overtake Nigeria and Egypt as the continent’s largest economy next year, International Monetary Fund forecasts show.
While IMF data shows Nigeria’s economy has eclipsed South Africa’s since 2018, its fortunes have dimmed along with a decline in production of oil, and it has been grappling with runaway inflation and a plunge in the value of the naira. The reforms should lead to “stronger and more inclusive growth,” Daniel Leigh, division chief in the IMF’s research department, told reporters at the fund’s annual meetings in Marrakech, Morocco, last week.“We believe the IMF’s projections reflect where it believes meaningful reforms will take place. South Africa’s transient emergence as Africa’s largest economy in 2024 is mainly due to the shrinking of Nigeria and Egypt’s GDP in dollar terms, following sharp currency devaluations.
The delay has stalled IMF reviews that were initially scheduled for March and September. Successful appraisals could unlock about $700 million in postponed loan tranches, give Egypt access to a $1.3 billion resilience fund and potentially spur major Gulf investments.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Africa: President Cyril Ramaphosa - 3rd South Africa-Namibia Bi-National Commission Business ForumDocument - Programme Directors,
Read more »
Africa: A Message to Africa's Leaders from the IMF - Diversify Your EconomiesIf you want your country to grow and improve the lives of your people, you need to diversify your economy – and stop subsidising the rich at the expense of the poor.
Read more »
IMF, World Bank: In Marrakech, Africa and ‘New South’ call for accelerating reformsWhile the Paris Summit highlighted the need for better representation of Southern countries within the Bretton Woods institutions, those involved agree it’s time to accelerate the process at the annual meetings of both institutions in Morocco.
Read more »
South Africa: Aqora plans Africa’s first battery-cell gigafactorySouth Africa can produce lithium-ion batteries cheaper than the US or Europe, says Aqora CEO Deshan Naidoo.
Read more »
Southern Africa: South Africa, Namibia Highlight Areas of PartnershipSouth Africa and Namibia have reached agreements in more than 150 areas which will deepen relations between the two Southern African countries.
Read more »
South Africa: Sixteen South Africans 'Trapped in Gaza, Unable to Get Out'The South Africans are on a UN rescue list, ready to be moved out of besieged Gaza when the opportunity arises.
Read more »