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Fox News
October 2, 2013
The International Monetary Fund warned Tuesday that South Africa is trailing other emerging markets and must quickly implement reforms if it wants to avoid crisis.
The IMF, in an annual report on Africa’s largest economy, pointed to painfully high unemployment and a plethora of other economic troubles staking the country.
“South Africa’s growth has underperformed and vulnerabilities have increased considerably,” the IMF said, predicting “continued sluggish growth” of 2.0 percent this year and 2.9 percent in 2014.
“Absent structural reforms, growth will be insufficient to reduce unacceptably high unemployment” the report said, pointing an economy “increasingly vulnerable to shocks.”
“Risks are tilted firmly to the downside.”
Unemployment is officially at 25 percent, but is closer to 35 percent including those who have given up looking for work. Around 50 percent of all young people are without a job.
While South Africa has made “important strides” to correct disparities caused by decades of apartheid rule, the Washington-based institution said systemic problems have “come to the fore” in recent years.
“The economy has underperformed other emerging markets and commodity exporters, exacerbating South Africa’s already high levels of unemployment and inequality and contributing to rising social tensions.”
Nearly two decades after Nelson Mandela swept to power South Africa is among the most unequal countries in the world.
