Godongwana’s inaugural budget: austerity vs social security - Economists predict the finance minister will speak about the basic income grant, the effect of the July riots on the fiscus, and bailouts
Economists say the minister, who took over froma month after the devastating July unrest in KwaZulu-Natal and parts of Gauteng, will probably give more clarity on how South Africa’s economic prospects have improved since the start of the year and whether those gains can be used to cast a wider social safety net.
In February, when Mboweni last updated the public on the condition of the state purse, main budget revenue was projected to be R1.35-trillion, or 25.3% of GDP, in 2021-22. Since the 2020 budget review, which was delivered before Covid-19’s economic onslaught, the budget deficit had doubled and the in-year revenue shortfall was estimated at R213.2-billion.
Hugo Pienaar, chief economist at the Bureau for Economic Research, said he would be looking out for “just how significant the revenue adjustment is upwards for the current fiscal year and what impact that has had on the deficit”.Although government debt is the same, the debt ratio will look a lot better than it did in February, he said
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