South Africa

Lockdown restrictions likely to mute economic growth in Q1 - Kganyago

JOHANNESBURG - South African Reserve Bank Governor Lesetja Kganyago said that the lockdown restrictions currently in place were likely to keep economic growth muted in the first quarter of this year.

Kganyago has announced that the Monetary Policy Committee has decided to keep the repo rate unchanged at 3.5%.

But the committee has adjusted GDP forecasts to 3.6% growth for this year, 2.4% next year and 2.5% for 2023.

Kganyago said that it would take time for the country to get back to pre-pandemic output levels.

But he's optimistic that vaccine distribution will boost the economy.

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