- IMF Executive Board Concludes 2014 Article IV Consultation with South Africa0.22 MB
- Staff report for the 2014 article IV consultation2.40 MB
On December 3, 2014, the Executive Board of the International Monetary Fund concluded the Article IV consultation1 with South Africa.
South Africa has made substantial progress in its first 20 years of democracy, achieving much improved living standards for its citizens. But growth has slowed in recent years, specifically relative to other emerging markets. Although weak trading partners’ growth contributed to the slowdown, increasingly binding structural constraints, such as protracted strikes and electricity constraints, have been important factors. Unemployment remains high at 25.5 percent.
Consumer Price Index (CPI) inflation declined to 5.9 percent in September after staying above the South African Reserve Bank (SARB)’s 3-6 percent band for six months, mainly driven by depreciation. The SARB has raised the repo rate by 75 basis points since January 2014.
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