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Finance Minister Enoch Godongwana has told the National Assembly in his Medium Term Budget Policy Statement that government expects economic growth of 1.9% in 2022 down from the earlier estimate of 2.1%.
Godongwana was speaking at the Cape Town City Hall. He says economic growth is expected to hover at around one point six percent over the next three years.
The Finance Minister has acknowledged that faster growth is required to create employment and reduce inequality.
Finance Minister Enoch Godongwana’s 2022 Medium-Term Budget Policy Statement:Â
According to the National Treasury’s Medium Term Budget Policy Statement tabled by Godongwana, the government has once again collected more revenues than its February budget estimates.
It shows that the government collected R85-billion more in revenue. The windfall will be used to lower debt and increase spending on health, education, and local government-free basic services among other priorities.
But, it has flagged risks that unreliable power supply and higher-than-expected public wage bills pose significant risks to fiscal sustainability.