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S&P: SA growth to slow at 2.7%

June 4 2012 at 07:47pm

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Standard&Poors

Reuters

The Standard & Poor's building is seen in New York.

Standard & Poor's says it expects growth in SA's economy to slow to 2.7% this year from 3.1% last year, due to weaker economic conditions elsewhere in the world.

The ratings agency predicted that growth would accelerate to 3.6% next year on the back of stronger growth in exports.

The chief issues facing SA were “endemic” unemployment, which calls for vigorous labour market reforms and a push for skills development, as well as a widening current account deficit, S&P added.

S&P sees the current account shortfall widening to 4.2% of gross domestic product this year from 3.3% last year. - I-Net Bridge


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