Finance minister Tito Mboweni’s neoliberal manifesto, a half-baked attempt to respond to growing public pressure for the government to develop a growth strategy, is the economic equivalent of putting petrol worth R50 into an empty tank. It will not shift the needle.

I predicted the last recession in 2018. I now believe the economy will enter into another recession during 2020 if the Treasury goes ahead with its plan to implement its R300bn austerity measures — more than 1% of GDP each year — over the next three years.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now