World Cup to boost SA economy 19/02/2010 |
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This year’s World Cup should help South Africa’s economy grow by 2.3 per cent, the country’s finance minister has said.
Pravin Gordhan expects the tournament alone to add 0.5 per cent to South Africa’s economic growth with hundreds of thousands of football fans flooding into the country.
Gordhan said in his annual budget speech that the Government aimed to reduce its budget deficit in the medium term, but its immediate focus was on helping the continuing economic recovery.
He also pledged to maintain a grip on inflation, and said there would be no moves to fix the price of the rand.
Bank of America-Merrill Lynch forecasts that the World Cup will add $1.1bn to the South African economy this summer.
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