On Friday, the rating agency S&P revised South Africa’s forecast to “positive”, saying it reflects favorable trade conditions and the path to the country’s limited budget spending.

S&P raised its outlook from “stable” and reaffirmed South Africa’s foreign currency ratings of “BB- / B” as well as the local currency of “BB / B”.

“South Africa’s recent favorable trade conditions have improved its external and fiscal trajectory, while its relatively large net foreign assets, flexible currency and deep domestic capital markets provide strong buffers against shifts in external financing,” the S&P report said.

S&P has said it expects South Africa’s fiscal deficit to remain high, but will gradually narrow to 5% of GDP by fiscal year 2025.

Africa’s most industrialized country is expected to slow to 1.7% this year, according to a central bank forecast on Thursday, up 4.9% last year as it resumes after a downturn in the Covid-19 pandemic. .

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