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- Title
SOUTH AFRICA: Budget 2024‐25.
- Abstract
South Africa plans to increase taxes and spending on social grants ahead of the upcoming general election in May. The government aims to address sluggish economic growth and high debt by implementing tax hikes on income, alcohol, and cigarettes. The ruling African National Congress (ANC) is at risk of losing its parliamentary majority for the first time since 1994, so the budget also includes increased funding for social welfare payments. However, critics argue that the ANC is prioritizing political survival over financial sustainability. The country continues to face high levels of poverty and unemployment, and servicing debt is a significant burden on public finances. The government plans to draw from a contingency account to reduce borrowing, but this move has been criticized by the opposition. Debt is expected to peak at 75.3% of GDP in two years.
- Subjects
SOUTH Africa; BUDGET; RAMAPHOSA, Cyril, 1952-; FOREIGN exchange reserves; ECONOMIC indicators; INCOME tax; PUBLIC finance; BUDGET cuts
- Publication
Africa Research Bulletin: Economic, Financial & Technical Series, 2024, Vol 61, Issue 2, p24630C
- ISSN
2053-227X
- Publication type
Article
- DOI
10.1111/j.1467-6346.2024.11529.x