n Farmer’s Weekly - Out of step with the rest of the world - global farming

Volume 2017 Number 17030
  • ISSN : 0041-848X



The International Monetary Fund’s July 2017 ‘Update on the world economic outlook’ shows that the economies of Canada, France, Germany, Italy and Spain have grown faster than expected, as have those of developing countries such as Brazil, China and Mexico. Growth is expected to accelerate to 3,5% in 2017, and to 3,6% in 2018. Thanks to a more accommodating fiscal policy in China, developing and emerging economies are expected to grow by 4,6% in 2017 and 4,8% in 2018. In advanced economies, growth will reach 2% in 2017, then slow down slightly to 1,9% in 2018, due to the expectation of a less accommodating fiscal policy in the US. In fact, the IMF warns that the accuracy of its global predictions largely depends on US fiscal policy, with lower growth expected if the changes envisaged by the Trump administration are implemented. In contrast, South Africa has experienced extreme policy uncertainty during the past 18 months. This has been accompanied by the downgrading of our sovereign debt by credit rating agencies, low economic growth, government debt at 50% of GDP, and threats to the independence of the Reserve Bank.

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