Fitch affirmed South Africa’s rating (IDR) at BB- with a Stable Outlook. The rating reflects several challenges, including low GDP growth, high inequality, and a rising government debt-to-GDP ratio. Strengths include a favorable debt structure, strong institutions, and a credible monetary policy framework. Fitch forecasts South Africa’s real GDP growth to pick up to 0.9% in 2024 and 1.3% in 2025 from an estimated 0.5% in 2023.