SA economy expected to continue underperforming – World Bank

Albert Zeufack, chief Africa economist for the World Bank.

South Africa’s economy is expected to be overtaken by its peers from the Southern African Development Community (SADC) in the next few years, the World Bank has said.

Writing in its latest Africa Pulse assessment, the bank cited the slow pace of structural reform as the biggest stumbling block slowing down economic growth in what was once the continent’s star performer.

Speaking in the wake of the bank publishing its report, chief Africa economist for the institution, Albert Zeufack, said South Africa’s economic momentum had been very disappointing and was not expected to improve anytime soon.

Ha added that the bank’s unchanged expectations for the local economy, coming in markedly lower than other SADC countries, was also in keeping with the poor figures that the bank had published in last October’s World Economic Outlook.

At the time it lowered SA’s growth expectations from 1.8% to 1.3% for 2019, with a slight upward adjustment to 1.7% for 2020.

 


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