The South African economy exhibited weak quarter-on-quarter real GDP growth earlier this year and faces high and rising unemployment, weak domestic demand, and falling market prices on key export commodities.
Accelerated growth is on the horizon for South Africa, however, according to consensus forecasts of multiple major international agencies, even if at a slower rate than other large sub-saharan African economies. African countries collectively are expected to be the most rapidly growing economies worldwide during the next five years.
It will be interesting to monitor South Africa's official growth statistics through the end of the year. During the period 2012-2014, the South African economy followed this same growth pattern, but expectations of the major international agencies were too high, based on analysis from Knoema's Forecast Tracking Tool. The World Bank, IMF and OECD consistently overestimated South Africa's real GDP growth by 0.6 to 2.0 percentage points since 2011.
Explore forecasts from Knoema Economic Insight or examine the accuracy of major international agency forecasts with our Forecast Tracking Tool.
Sources: IMF World Economic Outlook (WEO), April 2015, World Bank Global Economic Monitor, August 2015, Accuracy of Economic Forecasts, May 2015
From 1980 to 2015, GDP per capita of the Middle East and North Africa has changed from $6,547 to $17,674. However, it has been replaced from the third to fifth place among other world regions. It is projected to remain in fifth place in 2020 with the value of $20,007. Among the African countries, Libya had the highest gross domestic product per capita of $27,978 in 1980 being replaced by Equatorial Guinea in 2015 with the GDP per capita of $43,260. Seychelles is predicted to become the leader of GDP per capita among all the African countries in 2020 with $33,297. Africa in...
In a perfect world, where access to technology and the wealth are equally distributed, the GDP of each country would be proportional to its population. In the real world that relationship exists on average (see the dot charts below) but with significant deviations from the trend. Many developed countries, being relatively less populous than their developing counterparts, have high levels of GDP, while the GDPs of less-developed countries, especially in Africa, are disproportionally low. According to the UN DESA baseline scenario, by the year 2100 Africa will become the world's most...
(8 April 2021) Amid COVID-19 vaccination progress and new stimulus measures from the US government, IMF economists are predicting a shining near-term future for the global economy. Here are the key takeaways from the April 2021 edition of the IMF's World Economic Outlook (WEO) report: The IMF now estimates 2020 growth to have been -3.3 percent, a 1.1 percentage point upward revision from its October 2020 projection. The outlook for 2021 improved by 0.8 percentage points, to 6%, based on expected additional fiscal support in the US and other large economies and anticipated...
(14 October 2020) The corona-crisis is different from past economic recessions in that it has touched all economies without exception. But if we look from economy to economy, we quickly observe that the economic consequences of the corona-crisis are far from uniform. To understand why, for example, GDP in Korea dropped just 2.8% YoY in Q2 2020 while India experienced a 23.9% YoY contraction, we collected key macroeconomic indicators for Q2 2020 for the world's 15 largest economies. At first blush the data was disappointing, because the economic strain appeared again to be rather...
"Unsere Website verwendet Cookies, um Ihr Online-Erlebnis zu optimieren. Diese werden auf Ihrem Computer abgelegt, wenn Sie diese Website aufrufen. Sie können Ihre persönlichen Cookie-Einstellungen in den Einstellungen Ihres Internetbrowsers ändern."
Datenschutzrichtlinie