What Happened: The International Monetary Fund has urged South Africa to pursue economic reforms to prevent another year of lackluster growth in 2020, AFP reported Nov. 26.
Why It Matters: The IMF's suggestion is the latest warning by global financial institutions that South Africa could continue to stumble economically unless it pursues immediate and wide-ranging reforms. However, the country's economy isn't showing any signs of improvement despite a push by President Cyril Ramaphosa to root out structural deficiencies like corruption and reverse years of economic mismanagement.
Background: South Africa is facing a myriad of economic problems, including a rigid labor market, high unemployment, falling education standards and eroding infrastructure, among other troubles.
Read More:
- South Africa: Enforced Blackouts Further Weigh on a Troubled Economy (Oct. 17, 2019)
- South Africa Faces a Downward Spiral (Sept. 26, 2019)
- Can Ramaphosa Halt South Africa's Rot? (July 22, 2019)
