OECD Economic Outlook, Volume 2012 Issue 2
The OECD Economic Outlook is the OECD’s twice-yearly analysis of the major economic trends and prospects for the next two years. The Outlook puts forward a consistent set of projections for output, employment, prices, fiscal and current account balances.
Coverage is provided for all OECD member countries as well as for selected non-member countries. This issue includes a general assessment, chapters summarising developments and providing projections for each individual country and an extensive statistical annex.
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South Africa
The anticipated acceleration in growth has been delayed by the global slowdown and a wave of strikes. Growth is expected to be 2.6% in 2012, below potential, but is projected to pick up to 3.3% in 2013 and 4% in 2014. Core inflation will be contained by the large degree of slack in the economy, although recent food price increases are expected to fuel a temporary rise in headline inflation. Weak export volumes and the worsening terms of trade have widened the current account deficit this year and will take it to around 6% of GDP in 2013-14.
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