Surprisingly high inflation figures from the US this week and the expectation that the US Federal Reserve will further increase interest rates in response will have a ‘spillover’ effect on South Africa, says finance minister Enoch Godongwana.at the sidelines of the G20 conference in Bali on Friday , Godongwana said this was due to how closely tied South Africa is with the global economy.
“Generally because you have seen a rising inflation rate it will have an impact on poorer nations, but in the case of South Africa we have been prudent fiscally over the past few years. We don’t have that much challenge and anticipate reaching a budget surplus within the next 10 years.”
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