South Africa needs structural reform to grow economy: OECD

South Africa needs structural reforms to shore up the economy as there is little room for monetary and fiscal stimulus, the Organisation for Economic Cooperation and Development (OECD) reported on Monday. Africa's most industrialised economy slid into recession in March. The country is also struggling with a high unemployment rate, and credit downgrades by two of the top three ratings agencies, triggered by economic and political turmoil, have dented business and consumer confidence. "Reviving economic growth is crucial to increase well-being, job creation and inclusivity," the Paris-based OECD said in an Economic Survey on South Africa.