The Blackout Bulletin

Finance Minister Enoch Godongwana‘s imminent budget speech, the final one before the upcoming elections, is eagerly anticipated by the public. Amidst high youth unemployment rates, there are mounting pressures on the ANC government to address economic challenges.

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CALLS FOR ACTION AHEAD OF BUDGET SPEECH

Various stakeholders, including trade unions like Cosatu, are calling for decisive measures to tackle  youth unemployment. Suggestions include expanding employment stimulus programmes and increasing the social relief distress grant to alleviate financial burdens on vulnerable groups.

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Amidst fiscal challenges, the budget speech is expected to balance social relief with fiscal responsibility. There are debates on raising value-added tax (VAT) versus prioritising economic growth and job creation.

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While some advocate for VAT hikes to address revenue shortfalls, others caution against it, citing the need to support economic recovery post-Covid-19.

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BUDGET SPEECH PREDICTIONS

Financial projections indicate a narrowing budget deficit but escalating debt levels. Despite the fiscal constraints, there’s a consensus on the urgency to tackle youth unemployment and stimulate economic growth, particularly through support for small businesses and job creation initiatives.

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Black Business Council CEO Kganki Matabane stresses the importance of funding interventions to combat youth unemployment, highlighting the role of small and black-owned businesses in driving economic recovery.

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As Finance Minister Godongwana prepares to address the nation in the 2024 Budget Speech, he faces the daunting task of balancing competing priorities while navigating fiscal constraints to steer South Africa towards economic stability and prosperity.

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