The minister of finance will on Wednesday table the 2024/25 budget in a challenging global and domestic environment. These challenges necessitate hard choices and trade-offs that will be complicated by the upcoming general elections. 

Let’s begin with the external environment, where economic growth is slowing owing to the high interest rates imposed by governments to bring down the post-pandemic surge in inflation. Growth is also slowing because of high geopolitical uncertainty brought on by the ongoing war in Ukraine and the Israel-Hamas conflict, as well as the potential policy implications of more than 70 countries holding elections this year. The combined impact of wars and uncertain electoral outcomes diverts what could have been outbound capital destined for Africa to other destinations and enterprises. ..

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