{
  "title": "South Africa: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for South Africa",
  "publication": "IMF Staff Country Reports, July 30, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/07/30/south-africa-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-46132",
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  "summary": "Reflecting slow progress on reforms, weakened governance, and elevated policy uncertainty, growth remains subdued. With the economy unable to create enough jobs, the quest for inclusive growth has been elusive, making South Africa one of the most unequal societies.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Reflecting slow progress on reforms, weakened governance, and elevated policy uncertainty, growth remains subdued.\n- The economy is unable to create enough jobs; inclusive growth has been elusive, making South Africa one of the most unequal societies.\n- Growing government spending has led to a doubling of public debt in the last decade.\n- Credible monetary policy has kept inflation expectations anchored, albeit at near the top of the target band.\n- The current account deficit remains financed by potentially volatile portfolio inflows.\n- The new administration’s immediate priority has focused on improving governance and restoring confidence."
    },
    {
      "heading": "Macroeconomic findings",
      "content": "- Growth: subdued due to slow reform progress, weakened governance, and elevated policy uncertainty.\n- Employment: the economy is not creating enough jobs; inclusive growth has not been achieved.\n- Inequality: South Africa described as one of the most unequal societies."
    },
    {
      "heading": "Fiscal situation and public debt",
      "content": "- Government spending: growing, with public debt having doubled in the last decade.\n- Fiscal policy: highlighted as a central concern given rising debt dynamics."
    },
    {
      "heading": "Monetary policy and inflation",
      "content": "- Monetary credibility: credible monetary policy has kept inflation expectations anchored.\n- Inflation positioning: inflation expectations are at or near the top of the target band."
    },
    {
      "heading": "External sector",
      "content": "- Current account: deficit remains financed by potentially volatile portfolio inflows, implying sensitivity to capital flow reversals."
    },
    {
      "heading": "Policy priorities and recommendations",
      "content": "- Immediate priority for the new administration: improving governance and restoring confidence.\n- Implied policy focus areas (from findings): advance structural reforms to boost growth and job creation; strengthen fiscal consolidation to stabilize public debt; maintain credible monetary policy to anchor inflation expectations; reduce vulnerability to volatile capital flows.\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 30, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484371411.002",
    "Reflecting slow progress on reforms, weakened governance, and elevated policy uncertainty, growth remains subdued.",
    "The economy is unable to create enough jobs; inclusive growth has been elusive, making South Africa one of the most unequal societies.",
    "Growing government spending has led to a doubling of public debt in the last decade.",
    "Credible monetary policy has kept inflation expectations anchored, albeit at near the top of the target band.",
    "The current account deficit remains financed by potentially volatile portfolio inflows.",
    "The new administration’s immediate priority has focused on improving governance and restoring confidence.",
    "Growth: subdued due to slow reform progress, weakened governance, and elevated policy uncertainty.",
    "Employment: the economy is not creating enough jobs; inclusive growth has not been achieved.",
    "Inequality: South Africa described as one of the most unequal societies.",
    "Government spending: growing, with public debt having doubled in the last decade.",
    "Monetary credibility: credible monetary policy has kept inflation expectations anchored.",
    "Current account: deficit remains financed by potentially volatile portfolio inflows, implying sensitivity to capital flow reversals.",
    "Immediate priority for the new administration: improving governance and restoring confidence.",
    "Implied policy focus areas (from findings): advance structural reforms to boost growth and job creation; strengthen fiscal consolidation to stabilize public debt; maintain credible monetary policy to anchor inflation expectations; reduce vulnerability to volatile capital flows.",
    "**Country Report**"
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