Analysis by Region - Africa - South Africa
Stagflation risks in South Africa have risen with real GDP forecast to grow at a slower rate of 1.6%, while average inflation is expected to increase to 5.6% in 2022. That said, low growth and high inflation have been key features of the economy even before the pandemic and Russia's war in Ukraine: real GDP grew by less than 1% p.a. between 2015 and 2019, while inflation averaged 5.0% p.a. over the same period. Higher living costs and tighter monetary policy are expected to weigh on consumer demand, and to slow down South Africa's economic recovery.
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