World Bank projects modest growth for sub-Saharan Africa in 2017

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Cape Town – The World Bank expects South Africa’s gross domestic product to grow at 1.1% this year, but cautions inflationary pressures and high unemployment will continue to weigh on consumer spending. 

According to the Global Economic Prospects Report, published in the second week of January, the World Bank said South Africa’s fiscal position in the 2017/18 financial year is likely to improve on the back of a mix of tax increases and spending curbs aimed at sustaining fiscal consolidation. 

“However, weak growth and a difficult political environment may slow its pace,” the report said. 

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