According to the Economic and Commercial Department of the Chinese Embassy in South Africa, Citibank has raised its economic growth forecast for South Africa in 2024 and 2025 to 1.2% and 2%, respectively. Citibank's expectations for South Africa's GDP growth rate are more optimistic than those of institutions such as the International Monetary Fund (IMF), which predicts growth of 0.9% and 1.2% respectively in the next two years, and Standard Bank, which predicts growth of 1.1% and 1.8% respectively in the next two years. The Monetary Policy Committee of the Reserve Bank of South Africa will hold three meetings in September, November, and January. Citibank expects the average inflation rate in South Africa to reach 4.1% in the fourth quarter, and the Monetary Policy Committee will cumulatively cut interest rates by 75 basis points in the next three meetings.