South Africa

Absa downbeat over Tito Mboweni’s chances of righting finances

SA’s recovery from the coronavirus pandemic and the lockdown restrictions implemented to help curb its spread will be slow and difficult, with the state unlikely to meet the ambitious targets it has set itself to right its already weak finances.

This is the view of Absa’s SA macroeconomics team, which expects that the budget deficit will reach 16.6% of GDP as revenues crater due to shrinking economic growth and as the state struggles to deliver on the extensive cuts to spending — notably wages — promised in February’s national budget.

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