South Africa: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for South Africa

Author: International Monetary Fund. African Dept.

Volume/Issue: Volume 2023 Issue 194

Publication date: June 2023

ISBN: 9798400245312

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Topics covered in this book

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Inflation , Investments and Securities-General , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , IMF South Africa team , U , S , dollar , anchor inflation expectation , spending plan , IMF-World Bank , IMF team , keeping inflation expectation , Inflation , Private investment , Africa , Global

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Summary

South Africa’s strong economic recovery from the COVID-19 pandemic is petering out. Growth moderated from 4.9 percent in 2021 to 2.0 percent in 2022 as the country was buffeted by Russia’s war in Ukraine, global monetary policy tightening, severe floods, and an unprecedented domestic energy crisis. Inflation rose above the target band though inflation expectations remained anchored. The current account moved back into a deficit after a temporary commodity-price driven surplus.