26 C
New York
Sunday, May 22, 2022

Goldman May Raise South Africa GDP Growth Forecast Again

Goldman May Raise South Africa GDP Growth Forecast Again© Reuters. Goldman May Raise South Africa GDP Growth Forecast Again

(Bloomberg) — Goldman Sachs Group Inc (NYSE:). may raise its forecast for South Africa’s economic growth again.

The lender sees risks to its 2.4 percent estimate for 2018 “as being tilted to the upside,” Goldman economist Andrew Matheny said in an emailed note. Goldman increased its prediction from 1.5 percent after Cyril Ramaphosa was elected as leader of the ruling party in December.

Business confidence reached a more than two-year high in January as Ramaphosa’s ascent to power initially boosted sentiment and the rand following former President Jacob Zuma’s scandal-ridden tenure of almost nine years. The currency has lost some ground against the dollar since reaching a three-year high in February after the new leader changed the cabinet and removed some ministers seen as loyal to Zuma and who are implicated in graft allegations.

Market participants “remain collectively somewhat cautious on prospects for implementation of reforms, given potential pressure from vested interests, political risks and the magnitude of social and economic challenges,” Matheny said. “The market does not yet appear to be pricing in meaningful structural reforms and we see scope for a significant further re-rating higher of growth expectations.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

11,298FansLike
12,893FollowersFollow
751FollowersFollow
- Advertisement -

Latest Articles

Popular Articles