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SA’s budget has been tabled in an uncertain macroeconomic environment, with global economic growth moderating, advanced economies’ inflation rising to multi-decade highs, major central banks expected to hike interest rates, and oil prices rising on the back of Russia’s stand-off with Ukraine.

Despite these lingering risks, the budget is a significant improvement on both the 2021 budget and the 2021 medium-term budget policy statement (MTBPS) from several perspectives. ..

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