IMF officials do not agree with Moody's negative evaluation of South Africa's economic prospects

The International Monetary Fund recently said that it does not agree with the negative rating of South Africa's economic prospects by the international rating agency Moody's. The International Monetary Fund recently said that it does not agree with the negative rating of South Africa's economic prospects by the international rating agency Moody's.
Moody's downgraded South Africa's economic outlook from "stable" to "negative" on the grounds that South Africa has rising financial risks and uncertainties, and between the ruling African National Congress (ANC) and the ruling coalition partners. Political differences are worrying.

The International Monetary Fund’s Commissioner for Africa, Abebe Selassie, said the IMF disagreed with Moody’s. He believes that the South African government has the ability to maintain fiscal balance and control debt risks. The South African government's policy agenda and economic framework are also sufficiently stable to support the stable development of the national economy.

Selassie also pointed out that due to rising raw material and labor costs, it is an indisputable fact that the competitiveness of South African local manufacturers is declining, which will lead to a slowdown in South Africa's economic growth. To this end, the South African government should tighten fiscal spending and strictly control the growth of debt.

Against the backdrop of slowing global economic growth, the International Monetary Fund has lowered its forecast for South Africa's economic growth. It is estimated that South Africa's GDP growth rate will be only 3% in 2011. Selassie said that if the economic recession in the euro zone exceeds expectations, South Africa’s economic growth forecast may be lowered again.
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