JOHANNESBURG, Jan. 30 (Xinhua) -- South Africa's economic growth will be subdued this year even though it would be better than last year, said the Standard Bank Group CEO Sim Tshabalala on Thursday at the Deloitte Alchemy Africa Outlook 2020 in Johannesburg.
He pointed out that while the South African Reserve Bank predicts South Africa's economy could grow 1.2 percent this year, IMF believe it would grow blow 1 percent.
"I'm mildly optimistic that South Africa might grow a bit faster than predicted in 2020. 2020 would be better that 2019 in percentage terms. We can see early signs of positive things to come," said Tshabalala.
He pointed out that South Africa have to do structural reforms, effect visa regime change and address the energy challenges by opening space for independent power producers.
"It would include, for example, a clear and sustainable resolution for SAA. It would also include the short-term reforms proposed last year by the National Treasury, such as the introduction of multi-year multiple entry visas for business people and an efficient e-visa system for Chinese and Indian tourists," said Tshabalala.
He believed that after this year the economic growth is likely to be higher if all the fundamentals are addressed.
"Done right -- skilfully, ethically, responsibly, within the law, meeting real needs -- more trade and more outward foreign direct investment make life better for everyone, at home and abroad," Tshabalala said.
