Finance Minister Malusi Gigaba delivered the 2018 budget speech in Parliament on Wednesday. President Cyril Ramaphosa took over last week from the scandal-plagued Jacob Zuma, raising hope for a turnaround in the economy that slid into recession in 2016 and has grown only tepidly since. Over the past nine years under Zuma, SA experienced subdued growth, ballooning national debt, decreased investor confidence, record unemployment levels averaging 27% and bond downgrades to junk status. The government will have to raise at least R30bn from taxes to finance, among other things, free university education for students from low income families — a policy abruptly announced by Zuma on the eve of his departure from the ANC presidency last year.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.