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South Africa’s Finance Minister Enoch Godongwana speaks during his medium-term budget policy statement in Cape Town, South Africa, November 1, 2023.
Economists expect the upcoming Budget Speech to outline economic projections similar to those presented in the medium-term budget policy statement.
Finance Minister Enoch Godongwana will deliver his Budget Speech on Wednesday next week, his first under the Government of National Unity.
Despite the diplomatic rift between the US and South Africa, economists believe there are many opportunities for the country.
Chief Economist at Deloitte Hannah Marais says the challenge will be balancing stagnant revenue with the country’s spending needs.
“Particularly also looking at the second phase of ‘Operation Vulindlela’, ultimately broadening some of the reforms that are already underway. They are starting to bear fruits so ultimately alleviating basic supply-side constraints to growth largely linked to the electricity sector. And increasingly also to linked to the logistics rail and freight sector will unlock growth in the medium term.”
Budget 2024 I Godongwana has a daunting task ahead: Expert
