BUDGET2022: Economists, business give a cautious thumbs-up to Godongwana’s maiden financial plan for SA

Finance Minister Enoch Godongwana had a tough balancing act on Wednesday and the consensus among economists and business is that he managed to stay upright. The ANC is known for its statist instincts, but as the governing party’s long-time economic guru, Godongwana is keenly aware of the need to talk to capital. Its reception is crucial to his credibility.

“While South Africa is clearly not out of the woods regarding the fiscal situation yet, we have come a long way and we are now in a vastly improved position with significantly less debt default risk compared with two years ago. Plus, we are strongly – albeit slowly – moving in the right direction,” Els said in a commentary.

The tax measures have been widely welcomed, with the only increases being sin taxes – including sugar – and carbon tax.

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BUDGET WRAP | 'Boring but responsible' - finance minister gets thumbs-up from economists | Fin24Finance Minister Enoch Godongwana has said the government will not be raising key tax rates this year, but may need to hike taxes in the future.
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LIVE | Finance Minister Enoch Godongwana delivers his maiden budget speech | Fin24Finance Minister Enoch Godongwana will announce how much money the government has received from taxpayers and how it plans to spend it when he delivers his maiden budget address this afternoon.
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