S Africa's economy to grow just 2% in 2022 as power shortages crimp exports

South Africa's economy is set to grow by just 2% in 2022, less than half the pace seen this year, as consumers rein in spending and electricity constraints dampen exports, a Reuters poll showed on Friday.

In the survey conducted Dec. 6-9, economists forecast South Africa's gross domestic product will expand by 2.0% next year and by 2.2% in 2023, according to median estimates, slowing from an estimated 5.0% growth this year. Quarterly projections will likely bump along around 1% for most of next year.

Omicron, the new coronavirus variant, is also expected to put a drag on tourism. Tough lockdown restrictions