The International Monetary Fund has described South Africa’s economy as stable and resilient but one that could do better. In a report released last week, the IMF said South Africa’s growth forecast was revised down to 2.6% from an initial 2.7% in May. This is marginally below what National Treasury forecast during the tabling of the budget in February where it predicted 2.7% for 2012 and 3.6% for 2013. The report also highlighted external risks to the outlook, including renewed concerns about the Euro area and signs of a slowdown in China that could result in slower demand for SA exports and a further decline in commodity prices.
