South Africa is bringing down the class average ‐ IMF Regional Economic Outlook for Sub‐Saharan Africa, October 2015

The IMF's October 2015 Regional Economic Outlook for Sub-Saharan Africa describes a 'gloomy picture' for the region driven by falling commodity and oil prices, high energy costs, and a weak global financial environment. South Africa is highlighted as having the worst growth projection among its middle-income peers, with its economic performance hindered by critical electricity supply failures, poor export growth despite currency depreciation, and social unrest. The IMF recommends fiscal adjustments, currency depreciation, and long-term investments in productivity-enhancing infrastructure and education to counter these trends.

• Sub-Saharan Africa faces significant economic headwinds due to a slump in oil and commodity prices, high energy costs, and a weak global financial environment, exacerbated by slowing growth in China and US Federal Reserve plans to raise interest rates.
• South Africa's economic outlook is the weakest among its middle-income peer group, with growth projections falling below 2% and the country facing high electricity prices and significant currency devaluation.
• Electricity supply shortages are a primary driver of poor growth in the region; South Africa and Ghana are specifically noted for failing to upgrade existing facilities or invest timely in new generation capacity.
• Despite a real effective exchange rate depreciation of approximately 25% between January 2011 and July 2014, South Africa failed to increase exports, with its share of world exports dropping nearly 15% due to power supply issues, social unrest, and labor market constraints.
• The IMF suggests that addressing income and gender inequality in the region to levels comparable with the ASEAN region could result in a 1% increase in annual growth.

APA

Bertelsmann‐Scott, T., & Markowitz, C. (2015). South Africa is bringing down the class average ‐ IMF Regional Economic Outlook for Sub‐Saharan Africa, October 2015. South African Institute of International Affairs. https://saiia.org.za/wp-content/uploads/2015/11/South-Africa-bringing-down-the-class-average-IMF-REO-October-2015.pdf

Chicago

Bertelsmann‐Scott, Talitha, and Chelsea Markowitz. South Africa is bringing down the class average ‐ IMF Regional Economic Outlook for Sub‐Saharan Africa, October 2015. South African Institute of International Affairs, 2015. https://saiia.org.za/wp-content/uploads/2015/11/South-Africa-bringing-down-the-class-average-IMF-REO-October-2015.pdf.

Wikipedia

{{cite report |last1=Bertelsmann‐Scott |first1=Talitha |last2=Markowitz |first2=Chelsea |title=South Africa is bringing down the class average ‐ IMF Regional Economic Outlook for Sub‐Saharan Africa, October 2015 |publisher=South African Institute of International Affairs |date=October 2015 |url=https://saiia.org.za/wp-content/uploads/2015/11/South-Africa-bringing-down-the-class-average-IMF-REO-October-2015.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{bertelsmannscott2015south, author = {Bertelsmann‐Scott, Talitha and Markowitz, Chelsea}, title = {{South Africa is bringing down the class average ‐ IMF Regional Economic Outlook for Sub‐Saharan Africa, October 2015}}, institution = {South African Institute of International Affairs}, year = {2015}, month = oct, url = {https://saiia.org.za/wp-content/uploads/2015/11/South-Africa-bringing-down-the-class-average-IMF-REO-October-2015.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }