South Africa’s central bank is concerned that the country’s failing port and rail network is thwarting efforts to revive the economy, just as the energy supply begins to show signs of recovery.

The bank marginally raised its growth forecast for 2024 and 2025 to 1.2% and 1.3% respectively on expectations that power cuts will be reduced, while warning that logistics challenges have become a serious constraint. The bank kept rates unchanged for the third consecutive meeting on Thursday.