Minister of Finance Enoch Godongwana delivered the Medium-Term Budget Policy Statement (MTBPS) in Cape Town City Hall on Wednesday – under a very difficult economic environment.
This comes exactly two years since President Cyril Ramaphosa delivered his Economic Reconstruction and Recovery Plan aimed at harnessing South Africa’s economic growth potential. The question is whether this plan is working or not.
September’s inflation rate came in at 7.5%, above the South African Reserve bank’s target range of between 3% and 6%. Earlier this month, the International Monetary Fund (IMF) lowered its economic growth forecast for the country. The multilateral body now says that South Africa will grow by 2.1% in 2022. Previous projections were at 2.3%.
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