Delivering the Medium Term Budget Policy Statement in Parliament on Wednesday, Mboweni says government will propose a five-year fiscal consolidation plan to support the economy and create jobs. Economic growth is now expected to recover in 2021 at 3.3%. However, for many countries a return to 2019 levels won’t occur until 2022-24. For all official information and updates regarding COVID-19, visit the South African Department of Health's website at South Africa faces a precipitous economic and political collapse by 2030 unless it changes its economic model and implements growth-friendly policies, according to Eunomix Business & … “Operation Vulindlela is a critical coordination tool to unlock and fast track implementation of the structural economic reform agenda. Underscoring the fragility of the economy, Statistics South Africa (Stats SA) said on Thursday, 9 January that the key manufacturing sector declined 3.6% on a year-on-year basis in November 2019 – this was before the advent of Stage 6 load shedding – with nine of the 10 sub-sectors reporting contractions. Deputy Minister David Masondo is leading this initiative, and a technical team, headed by Dr Sean Phillips, will draw on expertise and capacity from the public and private sectors. “We forecast the South African economy to grow by 3.3% in 2021; 1.7% in 2022 and 1.5% in 2023. “Countries in the region acted swiftly to protect their people from the worst of the crisis, but lockdown measures came with high economic and social costs. There are many great benefits to being a Maverick Insider. Financial regulation and supervision measures are needed to address crisis-affected banks and firms, but should not compromise longer-term growth. Postal: Blue Sky Publications (Pty) Ltd T/A TheSouthAfrican, PO Box 44354, Claremont, 7735, South Africa, United Kingdom– Blue Sky Publications Ltd – Company Registration Number: 04683692. The fiscal measures realign the composition of our spending from consumption towards investment and support efforts to lower the cost of capital. Help support journalists, the guardians of independent journalism, through our, ‘The Flame’: AB de Villiers and Karen Zoid release new song [video], New Far Cry 6 delayed, possible release date set for 2021, Prof Charles Wait to unpack budget and recovery plan at free webinar, Working from home: A new approach to saving and investing, Sixth RWC appearance in sight for ‘Unstoppable’ Jordaan. Within months, the spread of the virus has jeopardised years of development and decades-long gains against poverty in the region, while threatening the lives and livelihoods of millions of people, it says.

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