Budget deficit to hit -14%, Treasury tells Nedlac
Before the Covid-19 crisis, which has sent 90% of countries into deep recession, the Treasury had anticipated a budget deficit for the fiscal year of -6.8%
The Treasury expects a budget deficit — which is shortfall between revenue and expenditure — of more than 14%, it has said in a presentation to social partners ahead of Wednesday’s supplementary budget.
The -14% is higher than most previous estimates by multilateral organisations and private economists. Most private economists’ forecasts have not breached -10% for 2020-21.