Macro Analysis /
South Africa

South Africa budget strikes right tone, but delivery will be challenging

  • High commodity prices and GDP rebasing have vastly improved deficit and debt targets relative to February Budget

  • Windfalls are partially used for increased spending and partially to reduce deficit; lack of structural reform, as usual

  • Fiscal position is vastly improved, but risks are to the downside and Treasury may struggle to deliver on its targets

South Africa budget strikes right tone, but delivery will be challenging
Patrick Curran
Tellimer Research
12 November 2021
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