October 4, 2017 / 3:10 PM / 10 months ago

South Africa's economy hurt by political and policy uncertainty - central bank

PRETORIA, Oct 4 (Reuters) - South Africa’s economy is growing two times less than it should be and is unlikely to reach 2 percent annual expansion in the short term due to the impact of political and policy uncertainty, the central bank said on Wednesday.

The Reserve Bank, which in June faced pressure to switch its mandate to economic growth from targeting inflation and protecting the currency, said there was little monetary or fiscal policy could do to arrest the slowdown.

In its semi-annual Monetary Policy Review (MPR), the bank warned that any economic recovery would be “feeble” and growth would barely exceed 1.5 percent by 2019, well short of the government’s long-term target of 5 percent. (Reporting by Mfuneko Toyana; Editing by James Macharia)

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