Godongwana talks up growth, but austerity is order of the day

The South African Medium-Term Budget Policy Statement (MTBPS) was presented as a “pro-growth” statement, but the numbers underscore that the government has no room to loosen the fiscal stance. Continued fiscal austerity will help to sustain investor confidence. But stronger growth will need to come from structural reforms, which will take a long time to filter through.

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