Three years ago, as SA suffered under the lash of Covid-19, it seemed we were heading into an economic death spiral. Government progress on economic reform was glacial, and many feared the debt ratio would ultimately top 100% of GDP as growth evaporated.

Economists were right in fearing the reform plan would prove ineffectual, but they were wrong about the fiscus. Whereas in October 2020 the National Treasury was expecting the debt ratio to hit 95% of GDP by 2025, it will now likely be only about 75% in that year, thanks mainly to the windfall of the commodity boom...

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