South Africa cuts 2020 economic outlook by half

JOHANNESBURG

South Africa announced Wednesday that it has cut its economic growth forecast for 2020 by around half. 

“We forecast that the South African economy will grow by 0.9% and inflation will average 4.5% in 2020,” Finance Minister Tito Mboweni said in a televised budget speech from parliament in Cape Town.

Last year, Africa’s most industrialized economy projected economic growth of 1.7% in 2020. But a number of factors, including a revenue shortfall, debt and persistent electricity shortages, have stagnated growth.

“Over the next three years, we expect growth to average just over 1%,” Moboweni said, adding “a stable supply