South Africa’s National Treasury is likely to forecast lower growth in its October Medium Term Budget Policy Statement, the Minister of Finance, Pravin Gordhan said today. He was speaking on the sidelines of the Nedgroup Investment Summit in Sandton.
In February, the Treasury had put 2016 growth at 0.9 percent.
“We’ve said many times already that we’re unlikely to remain at 0.9 percent and we’ll give you the Treasury numbers in October. But we are confident that we are not going to go into a recession,” the minister added.
The minister said the world was presently in a low growth trap – as was Africa and South Africa.
“We say to all of our social partners and to entrepreneurs in South Africa that we must start doing things differently.”