While the International Monetary Fund (IMF) expects South Africa’s growth to halve to just 0.6% in 2016, growth in other oil-importing countries across sub-Saharan Africa is projected to remain relatively resilient at 5.2%. Nevertheless, the IMF is forecasting a difficult year for the 45-county territory, with its latest ‘Regional Economic Outlook for Sub-Saharan Africa’ projecting growth to fall to just 3% in 2016, a 15-year low – well below the 6% levels that were customary over the last decade and barely above population growth.
