Faced with weak economic growth, deteriorating debt situation and major headwinds for state-owned enterprises, both the International Monetary Fund (IMF) and S&P Global Ratings have called on South Africa to enact urgent economic reforms.
A report issued by the IMF on Monday following a recent research mission predicted that on current policies, the medium-term growth outlook would remain subdued, accompanied by muted inflationary pressures.
South Africa's "undeniable economic potential" remains mostly untapped, and the economy faces three immediate hurdles, the report by IMF mission lead Ana Lucia Coronel stated. "Unless the government takes measures to control the fiscal deficit and we see sustained reform momentum, we view debt as unlikely to stabilize within our three-year forecast period," the S&P report added.
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