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South Africa Economic Outlook Stable Says S&P Global Ratings

Unic Press UK: South Africa economic outlook is currently stable, the Standard & Poor’s Global Ratings said in a report published Friday.

“Despite upward revisions, South Africa’s economic growth remains tentative, and the government’s debt burden continues on a rising path. After the recent political transition, authorities are pursuing key economic and social reforms, but we consider the economic and social challenges the country faces as considerable. We are therefore affirming our foreign currency ratings at ‘BB/B’, our local currency ratings at ‘BB+/B’, and our national scale ratings at ‘zaAA+/zaA-1+’. The outlook is stable.” (Standard & Poor’s Global Ratings: 25 May 2018)

Cyril Ramaphosa, 65-year-old who fought apartheid, is the current President of the Republic of South Africa. He was appointed after Jacob Zuma was forced by the ruling party African National Congress (ANC) to resign.

In his initial statement on February on taking office as President, Ramaphosa said:

“Issues to do with corruption, issues of how we can straighten out our state-owned enterprises and how we deal with ‘state capture’ are issues that are on our radar screen. South Africa must come first in everything we do. This is not yet uhuru (freedom). We have never said it is uhuru. We are going to seek to improve the lives of our people on an ongoing basis…”

 

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