A ratings downgrade from Moody’s is very likely in the next month or so, given an average economists’ forecast of a budget deficit of more than 6% of GDP in 2020/2021 and 6% in 2021/2022, according to Reuters.

Meanwhile, with growth forecast below 1% this financial year, and about the same for the year after, the government’s debt to GDP is set to exceed 70%. Already, at just over 60%, SA has one of the highest debt-to-GDP ratios in the emerging-market universe...

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