(Reuters) – JPMorgan in a research note on Friday said it now forecast a 0.2% decline in South Africa’s 2023 gross domestic product versus a previous forecast for 0.3% growth, citing expectations for deeper power cuts.
The bank added that prolonged power cuts above the current record level referred to as “Stage 6” would worsen its current account projection beyond an already pessimistic 3% forecast for this year.
(Reporting by Karin Strohecker; writing by Alexander Winning; editing by Jason Neely)
