Finance minister Enoch Godongwana prepares to present his medium-term budget this week in a world that is profoundly different from the one he faced on the day he presented his February budget, one day before Russia invaded Ukraine.

The war and the fuel and food price shocks it induced brought an abrupt end to more than a decade of low inflation and near-zero interest rates in the world’s advanced economies. What this will ultimately mean for the global economy and global financial markets is not yet clear...

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