situation report

South Africa: IMF Urges Economic Reforms to Prevent Further Slowdown

1 MIN READNov 27, 2019 | 14:05 GMT

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....

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.

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