CAPE TOWN – The International Monetary Fund (IMF) estimates that trade tensions and the Brexit uncertainty may take away 0.8 percentage points from global growth after a decade‐long economic expansion.
This was revealed by Finanance Minister Tito Mboweni when delivering his Medium-term Budget Policy Statement (MTBPS) in Parliament on Wednesday, where he also stated that growth in advanced economies was expected to slow.
Mboweni said economic growth in China and India was expected to slow to 6.1 percent this year. Growth in both these countries accelerated after far‐reaching structural reforms.
“The average Chinese person is seven times richer today than twenty‐five years ago. The average Indian person has become three and a half times richer over the same period.
“Meanwhile, the average South African is only 1.3 times richer,” said Mboweni.