Budget 2024 preview: doubling down on austerity
With less fiscal wiggle room, the National Treasury will probably impose even deeper austerity measures in the budget. Agreement on tapping foreign exchange reserve valuation profits and a new debt rule are also likely
15 February 2024 - 05:00
The National Treasury’s fiscal consolidation plans have been derailed, going into the 2024 national budget, by a sizeable revenue undershoot coupled with significant spending overruns.
This is likely to push the 2023/2024 main budget deficit close to 6% of GDP (against a downwardly revised target of 4.7%) and the debt ratio above 75% of GDP — unless the Treasury takes remedial action...
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