Slow economic growth a major challenge for SA, says economist ahead of Godongwana's Budget Speech
On Wednesday, Finance Minister Enoch Godongwana will provide a detailed plan for 2024 spending, including proposals for revenue collection to help fund government’s planned interventions and commitments.
Finance Minister Enoch Godongwana tables his Budget in Parliament on 23 February 2022. Picture: @TreasuryRSA/Twitter
CAPE TOWN - All roads lead to the Cape Town City Hall yet again this week for Finance Minister Enoch Godongwana's Budget Speech.
This follows the president’s State of the Nation Address (SONA) earlier this month, in which he outlined national government's plans to tackle the country's energy crisis and other socio-economic challenges.
On Wednesday afternoon, Godongwana will provide a detailed plan for 2024 spending, including proposals for revenue collection to help fund government’s planned interventions and commitments.
Senior economist at Nedbank's Group Economic Unit, Isaac Matshego, said that the big challenge in South Africa was the very slow economic growth.
"We need the economy to grow faster in order to expand our tax space and generate higher tax revenue. Unfortunately, in this budget, the minister warns that they're going to increase taxes by around R15 billion and we will be watching very closely whether there'll be an extra burden on the consumer."