World Bank raises SA's 2018 economic growth forecast

JOHANNESBURG - The World Bank on Tuesday said it expects South Africa’s real growth in the gross domestic product (GDP) to accelerate this year.

READ: SA's economy grows 1,3% in 2017

In its 11th edition of the South African Economic review, the World Bank revealed that the growth forecast increase was due to a rise in local business and consumer confidence, global growth and benign inflation.

The bank raised its 2018 forecast from 1.1 percent to 1.4 percent.

The country's growth forecast for 2019 is estimated at 1.8 percent and 1.9 percent for 2020, the bank said.

READ: Government will prove World Bank wrong on SA growth: Ramaphosa

The World Bank said government policies should be focused on stimulating competition as the country remains constrained and continues to lag behind its peers.