IMF revises SA’s prospects of growth for 2021 upwards

JOHANNESBURG – THE INTERNATIONAL Monetary Fund (IMF) has revised South Africa’s growth prospects for 2021 upwards due to a stronger-than-expected global economic rebound of 6 percent.

The IMF yesterday said South Africa’s gross domestic product (GDP) would now grow at 3.1 percent this year, up from a revised 2.8 percent forecast in January due to vaccines concerns.

For 2022, the IMF in its World Economic Outlook said South Africa’s economy would advance by 2 percent, up from the previous estimate of 1.4 percent before moderating at 1.6 percent in 2026.

The IMF’s outlook is slightly lower than the SA Reserve Bank and the National Treasury estimates, which expect…