BUSINESS DAY Page 2
SA will be among the 10 slowestgrowing African economies this year, according to the African Economic Outlook report by the African Development Bank (ADB), which has now also revised SA's economic growth forecast to 2.9% this year from an earlier estimate of 3.2%. While Africa's overall growth is expected to increase from 4.5% this year to 4.8% next year, according to the report, a raft of forecasts has downgraded SA's growth estimates to about 2.6% this year. Last week, the Bureau for Economic Research revised the country's growth down to 2.5% from 2.9%. ADB chief economist and vicepresident Prof Mthuli Ncube said at a briefing in Sandton yesterday that youth unemployment was “the biggest challenge” to Africa's growth, added to a short-term labour market and the eurozone crisis.