# Moody’s Ratings says improving fiscal performance and steady reform momentum support its view that South Africa’s debt will stabilise this year before gradually declining. The ratings agency estimates that general government debt peaked at 86.8-percent of gross domestic product in 2025, and forecasts a gradual easing to 84.9-percent by 2028. Moody’s has cautioned that if there is a sharp slowdown in global economic growth, it would probably disrupt South Africa’s economic recovery this year and in 2027, estimating the drag on growth at about 20 to 50 basis points.
Moody’s forecasts South Africa’s debt will stabilise this year before gradually declining