تقرير تعبير عن جنوب افريقيا بالانجليزي

تعبير تقرير برجراف فقرة برزنتيشن بحث موضوع ملخص جاهز باللغة الانجليزية  انشاء عبارات سهل بسيط قطعة معلومات عامة شاملة بسيطة مبسط نبذة عن الاقتصاد السكان جمل عن بلادي كلمة رحلة مقال جمهورية دولة حول  تكاليف المعيشه السياحة للطلاب عرض للصف السادس للصف الاول للصف الثاني للصف الثالث للصف الرابع للصف الخامس للصف السادس للصف السابع للصف الثامن للصف التاسع للصف العاشر  ابتدائي جمل  سهل وقصير معالم  موقع  تقرير عن تراث بالانجليزي ابي موضوع  ابراج خمس جمل قديما  أبرز المناطق السياحية مختصر حول الحياة والعادات والتقاليد فى  لمحة تعريفية بالانجلش تلخيص قصير كلمة تحدث  تقرير انجليزي عن اي دوله مقدمة خاتمة  information about   paragraph  presentation  location  my country uae كم عدد سكان  مدن  الوجهات العرب المسافرون نقاط الاهتمام مساحة تحدث جغرافية جغرافيا  عبارات شعر قصيدة مؤثر كلام قصير مترجم بالعربي  شكل عام موضوع مؤثر اللغات الرسمية ديانة  اسماء مدن  المناطق الريفيه الشعب الجنس رئيس لغتها الرسمية قوانين موقع  الوطن عادات وتقاليد بحث علمي

South Africa: Economic and Financial Situation (January 2017)

Economic situation: net slowdown in growth and external imbalances

South Africa was severely affected by the 2009 crisis (-1.5% recession). Contrary to

most other emerging countries, growth only modestly rebounded in 2010 and 2011

(respectively 3.0% and 3.2%). Since then, activity has steadily declined due to the weakness of

external demand and commodity prices, the poor performance of the mining industry

(repeated strikes, a decline in competitiveness), a difficult supply of electricity and

sluggish domestic consumption linked in particular to the difficulties of households (indebted to the

77.8% of disposable income).

While growth was only 1.3% in 2015, activity would grow by only 0.4% in 2016 according to

the central bank (GDP growth of + 0.2% annualized quarterly adjusted for

seasonal changes in Q3 after + 3.5% in Q2 and -1.2% in Q1; 4th consecutive quarter of decline in

investment). In 2017, it will reach 1.1% in 2017, performance well below the target

from 5 to 5.5%, considered necessary by the authorities to reduce the unemployment rate. A growth

weaker would make it more difficult to achieve public finance targets to ensure the sustainability of the

debt and the preservation of the sovereign rating in the investment category. A degradation of this note

can not be ruled out in 2017 if political uncertainty were to increase, making it more difficult

Adaptation of the level of public expenditure to the prospects of activity (and therefore of public revenue)

and the implementation of the expected structural reforms, in particular with regard to the governance of

state-owned enterprises.

South Africa has a structurally high inflation linked to the lack of competition on the

goods and services market. The recent period has been marked by an acceleration of retail prices

fueled mainly by the weakness of the rand (imported inflation) and the consequences of

regional drought on food tariffs. After an average + 6.4% in 2016, the

Central Bank expects inflation of + 6.2% this year, thresholds slightly higher than

monetary authorities (between 3% and 6%). This situation has recently led the authorities

the priority of their mandate, namely to ensure price stability.

At the external level, thanks to the weakness of the rand, domestic demand and oil prices, the deficit

current is expected to decline again in 2016 according to the IMF (projections to -3.3% of GDP in 2016 and

2017 after -4.3% in 2015). So far, capital flows have financed this deficit without any real difficulty,

the recent and rapid change in their composition - they are now essentially composed of

highly volatile short-term flows as FDI tends to decrease - weighs on the country's ability to

to ensure long-term and cost-effective coverage.

At the end of January, reserves amounted to 46.7

Billion USD (+ 3.4% yoy), or 6.8 months of import coverage. This is a

a threshold deemed insufficient by IMF experts to intervene if necessary in the event of excessive volatility of the

even if the authorities put forward a flexible exchange rate policy that does not require

important reserves.

Economic policy: a highly constrained monetary policy and public finances under pressure

In terms of monetary policy, the authorities started a movement of rates rise from

January 2014, the key rate gradually increasing from 5% to 7% (last increase of +25bps

mid-March 2016). This recovery, designed to better control the rate of inflation and reduce the volatility of

the currency, weighs on domestic demand given the rise in the cost of credit. If, in 2016, the rand

rose sharply against the major currencies (+ 14.8% against the USD) thanks in particular to an

Significant base linked to December 2015 domestic policy events and price rally

commodities, the currency remains weak compared to its past levels (-14.7% against

the USD between the beginning of 2015 and the end of 2016).

Conscious of the threat of a deterioration of the sovereign rating in the speculative category, the authorities

committed to strengthening the fiscal consolidation effort, but in a progressive and balanced way.

In the October 2016 budget review, the authorities announced a budget deficit of -3.4% of

GDP in 2016/17 and -3.1% in 2017/18, pushing the return date back below the 3% threshold

GDP so as not to weigh too heavily on activity.

At the same time, the Ministry of Finance has postponed by one year the peak of public debt (expected at 52.5%

GDP in 2018/19). The latter, up more than 20 points of GDP compared to 2009, is expected

at 51.3% of GDP in 2016/17. Note that by including government guarantees, gross public debt

exceeds 60% of GDP. This situation is all the more delicate as different public companies are

in a difficult financial situation. In this context, access to new financing,

especially for larger projects, will be even more selective.

The main challenge, at the level of fiscal resources, seems to be today to release margins of

maneuver while the tax base is structurally narrow: 11% of

individuals subject to income tax provide 60% of the revenue and one third of the population

benefits from social benefits. In this respect, taxation, already weighed down in the last two years,

the recommendations of the Davis Commission, could again be revised upward

next budget years.