South Africa could drastically boost economic growth if it fixes its ailing energy and logistics sectors, and reduces crime, a top International Monetary Fund official said.
With its abundant natural endowments and strong institutions, South Africa “is poised for a growth take-off if reforms that resolutely and courageously tackle structural obstacles are implemented,” Gita Gopinath, the fund’s first deputy managing director, told the South African Reserve Bank’s Biennial Conference in Cape Town on Friday.
Steps to improve the power supply – including relaxing restrictions on private power generation – could see the growth rate improve to 1.7% next year, IMF forecasts show.
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