South Africa: 2008 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussions; and Statement by the Executive Director for South Africa

Author: International Monetary Fund

Volume/Issue: Volume 2008 Issue 348

Publication date: October 2008

ISBN: 9781451841077

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Exports and Imports , Inflation , Economics- Macroeconomics , Public Finance , Business and Economics - Statistics , ISCR , CR , inflation outlook , CPIX inflation , debt service , break-even inflation rates , household debt service , inflation pressure , repurchase rate , Current account deficits , Inflation , Public investment spending , Africa , Global , Southern Africa

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Republic of Congo : 2001 Article IV

Summary

This 2008 Article IV Consultation highlights that South Africa’s economic performance has strengthened in the last several years, with real GDP growing by 5–5½ percent in 2005–07, inflation declining to mid-single digits until recently, and employment growing steadily. However, 2008 saw a slowdown in activity, reflecting the cumulative impact of electricity power shortages, the global slowdown, and past monetary tightening. Executive Directors have welcomed the authorities’ pursuit of a prudent fiscal policy, and their intention to maintain a broadly neutral fiscal stance in 2008.