Can Mboweni do what is right in his budget speech?

South frica’s economy is not growing at a speed experienced by other major emerging markets. The growth levels for 2020 projected by major financial institutions are disheartening. The World Bank has cut the country’s growth forecast. Moody’s also cut growth forecast this month to 0.7% – citing a stalling economy and widespread power outages.

In the midst of this dismal growth under Cyril Ramaphosa’s presidency – unemployment remains at alarming levels. And at this point, sadly, government’s actions indicate that this staggering unemployment will be with us for a long while.

All the economic fundamentals are bad in South Africa. Consumer and business confidence are at their worst levels in years. Consumers are not buying goods and services at a scale that bolsters growth. This is damaging in an economy that, amongst many things, needs stronger consumer spending and confidence in order to grow speedily…..

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