IMF cuts SA’s 2014 growth outlook again, warns of tighter financial conditions

The International Monetary Fund (IMF) has once again lowered its 2014 growth forecast for South Africa to 1.7%, having previously forecast that Africa’s second-largest economy would expand by 2.3%. The 0.6% downward revision, which is contained in the World Economic Outlook (WEO) Update, released in Mexico City on Thursday, is also well below the 2.8% projection outlined by the IMF for South Africa in 2013. However, its 2.7% growth projection for 2015 was maintained.