It is no new revelation that today’s budget speech by Finance minister Tito Mboweni comes at a time when the country is going through a deep economic crisis. For years now, the country has been battling the same challenges of unemployment and inequality.
Promises have been made to reduce poverty, but statistics show that the situation has gotten worse. Institutions such as the IMF, the World Bank and the rating agencies have suggested that structural changes need to be implemented for the country to see an effective turnaround in the economy.
The National Development Plan, which is the country’s blue print document that was meant to put the country on an economic growth path was not working by the presidency’s own admission in 2019.
Professor Jannie Rossouw, Interim Head: Wits Business School.
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