IMF has revised growth outlook for South Africa upwards

The International Monetary Fund has revised its growth outlook for South Africa upwards, which is good news the country that is battling the effects of COVID-19.

It’s revised its growth figures of 2.8% to 3.1% for this year.

The country is battling to recover from the effects of the COVID-19 lockdown with record unemployment. The IMF estimated global growth to expand by 6% this year.

It says this is due to accelerated vaccinations and a flood of government spending on ways to beat COVID-19.

Earlier forecasts saw a contraction of over 7% for this country last year with the hope that the economy can now bounce back.