On November 11, finance minister Enoch Godongwana will table his first medium-term budget policy statement. This is important as it will give an indication of how the cabinet plans to traverse the changed and changing economic terrain over the next three years and beyond after the economic upheaval wrought by the Covid-19 pandemic.

At the time of the February budget, the global economy was still coming out of lockdowns, vaccination rates were low and we did not quite know how the global and domestic economies would respond to the unprecedented fiscal and monetary policy measures implemented in 2020. While still uncertain, the outlook is more predictable now. Furthermore, the positive balance of payments and fiscal shock from an unexpected commodity upswing have been a welcome development for the SA economy. We had sadly become used to negative fiscal shocks. ..

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