S&P does not foresee significant policy shifts following the formation of South Africa’s new government. The agency views the election outcome as generally positive for the economic and fiscal outlook but notes that the challenges of coalition politics might complicate efforts to maintain fiscal discipline. S&P projects South Africa’s real GDP growth at 1.1% for 2024 and an average of 1.3% from 2025 to 2027, with per capita growth expected to remain around zero this year.