South Africa’s debt too high to weather global crisis – Central Bank

South Africa on map
South Africa on map

South Africa’s rising debt trajectory will make it difficult to weather a significant global economic downturn, the central bank deputy governor said.

The bank’s deputy governor, Kuben Naidoo, said on Wednesday in Cape Town that it would take at least a decade to bring the debt-to-GDP ratio down to the 30 to 40 per cent range.

Mr Naidoo also said that growth in Africa’s most industrialised economy was seen hovering around the two per cent over the next few years.

(Reuters/NAN)

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