Good morning. Today we’re covering the IMF’s revised GDP forecast for South Africa, which provides some good news for a world economy that’s set course for stormy weather.
IMF sees light in darkness for SA as it raises GDP forecast – Business Day (for subscribers)
With the global economic outlook turning gloomy, the International Monetary Fund (IMF) provided some much-needed sunlight for the South African economy on Tuesday after it raised its 2022 growth forecast for the country.
In its latest report, the IMF said South Africa’s GDP was likely to grow by 2.3% in 2022 as opposed to the previous prediction of 1.9% that it had made in April. The new prediction is in line with the SA Reserve Bank’s and the IMF cited elevated commodity prices as the reason for a better outlook. Read more here.
Load-shedding meant alerts could not reach KZN people in danger of heavy rain and floods, say experts – TimesLIVE
An advisory panel of experts who have been looking into the “immediate adoption and implementation of existing early warning systems” to reduce the vulnerability of people to natural disasters say load shedding contributed to the severity of the flooding that ravaged KwaZulu-Natal in April.
Due to power outages, many of the warning alerts did not go out because the system had shut down.
The experts said the floods showed how South Africa is severely underprepared to deal with natural disasters. Read more here.
UK leadership live debate ends after presenter faints on air – Daily Maverick/Reuters
The live TV debate between the UK foreign secretary Liz Truss and the former finance minister Rishi Sunak, the two leading candidates vying to become the next leader of the Conservative Party and prime minister of the UK, came to an abrupt end last night with Truss exclaiming, “Oh my god.”
Presenter Kate McCann had just fainted in the studio with an audible thud.
The hosts of the debate, Talk TV, said that while McCann was fine following her collapse, the medical advice she had been given was for her not to continue moderating the debate. Read more here.
Here’s what else we’re reading today:
Ramaphosa’s electricity plans ‘significant’, says energy transition expert Mark Swilling – Daily Maverick
These are the most important changes in South Africa’s new energy plan – BusinessTech
Telkom takes Ramaphosa to court in bid to stop SIU probe – EWN
From burgers to gadgets, stressed consumers buy cheap – SABC News
Tread lightly: Tyre prices could balloon in SA if new tariffs are accepted, importers warn – fin24
Money laundering a high risk threat for South African banks – BusinessTech
Central banks must resist urge to back off inflation fight – IMF economist – SABC News
New Frame’s demise shines a light on China-aligned unions, parties and disinformation networks – Daily Maverick
FMF rejects ‘unfounded and defamatory’ accusations by its founder Leon Louw – fin24
Energy experts welcome announcement that Eskom can buy additional energy – SABC News
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