Minibudget faces the Gordhan knot of low growth and tax-raising constraints
This year’s medium-term budget policy statement, which will be tabled in Parliament later in October, will receive particular attention from investors and society at large considering SA’s domestic economic situation, the risk of a credit downgrade and the confusing political climate. There is much angst about which direction fiscal policy formulation will take. After many years of prudent fiscal management, will SA turn towards a more populist fiscal stance and escalating indebtedness? The issues confronting SA are not unique — many economies across the globe are grappling with similar debates. While there are issues specific to SA, the global picture is equally important to consider.
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