South Africa cuts growth outlook as drought weighs

South Africa's 2016 GDP growth could be the lowest since a 2009 recession, reflecting the impact of a severe domestic drought and a depressed global economy, the Treasury said on Wednesday in its budget. In its spending outlook for the upcoming financial year, the Treasury said the economy could grow by 0.9 percent this year, down from a previous forecast of 1.7 percent and compared with growth estimate of 1.3 percent in 2015. "South Africa's GDP growth has now fallen behind the rate of populati