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South Africa’s “non-austerity” austerity budget

The South African 2021 budget unveiled today was anything but the “non-austerity” budget that Finance Minister Tito Mboweni claimed he was presenting. Indeed, the fiscal plans imply significant tightening and will, if implemented, stabilise the public debt ratio by the middle of this decade. But that will keep the recovery weak and raise the risk of fiscal slippage.

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