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

Kuben Naidoo_0

Kuben Naidoo

Kuben Naidoo

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

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.

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Naidoo also said that growth in Africa’s most industrialised economy was seen hovering around the 2 per cent over the next few years.