South Africa’s economic growth is slowing once more, with low economic growth levels projected over the medium term standing in stark contrast to a healthier global economy, says financial services firm PwC.
Current forecasts for real GDP growth for South Africa stand at 2% this year, with expectations that growth will converge around 1.5% per annum over the long term.
“If these growth rates could be translated into the speed at which a car travels, South Africa would be driving at 60 km/h while the global average is above 100 km/h.” When compared to E7 emerging economies, South Africa is being outperformed, showing that there are opportunities for growth through engagement with these areas.
Emerging economies are forecast to grow by a healthier 3.4% this year and 4.2% next year. This group’s long-term growth outlook is higher at 4.5% per annum despite the inclusion of Russia within this cohort, said PwC.
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