An illustration of the difficulty of finance minister Tito Mboweni’s job in stabilising and galvanising the economy was the underwhelming response to his adjustments of the budget last week.

While his address was welcomed by markets, on the whole it failed to breathe any new confidence into our growth prospects. This is understandable given the very limited fiscal space the Treasury has to stimulate an economy that has been on its knees for the better part of the past five years...

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