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South Africa Faces Credit Scrutiny Amid Blackouts
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South Africa suffers from power shortages reducing output at metals and engineering firms. The electricity supplier Eskom has a large $20 billion funding gap and has cash shortages. About $230 million is owed by South African cities which collect payments. IMF estimates are for slower growth with a ceiling of 2.5% with the dire power situation. Growth in 2014 is estimated at a mere 1.4%. The government of president Zuma is not seen by experts as effective in tackling the economy and problems at Eskom. Moody's has cut Eskom's debt to junk status making it difficult to attract financing. Foreign investment is declining.
South Africa's elelctricity company Eskom- cash shortages, lack of investment and power shortages crimping the economy 2014-2016
12/14/2014
Growth forecast shows growth slowing to 2.5%, not enough to make a dent in unemployment over 25%. A drop in the value of the Rand, lower mining commodity prices for exports, reduces any benefits from lower oil prices in 2014-2015.
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Deteriorating prospects for foreign investment in South Africa for 2015. Economic growth is forecast by the IMF to remain below 2.5% for years till the power situation is tackled. Growth is estimated in 2014 at a mere 1.4%, not enough to reduce high unemployment of over 25%. Lower commodity prices for mining exports, and a decline in the value of the rand reduce any benefit from lower oil prices. The government of president Zuma is seen as ineffective in tackling power shortages, and making changes at electricity company Eskom which suffers from cash shortages.
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