2024 Budget Predictions

PwC prediction

The South African Reserve Bank (SARB) published very conservative economic growth forecasts in January 2023. It is likely that National Treasury will also make a notable downward revision to its own growth predictions in Budget 2024 following disappointing GDP data released in December for 2023Q3.

A conservative approach to the economic growth outlook will, however, provide realism into the outlook for fiscal revenues.

The finance minister is likely to give an update on progress under Operation Vulindlela. It is expected that some of the key necessary structural reforms would have seen slow progress in fixing, so the finance minister might need to be creative in how he communicates this and the reasons behind slow or no progress elsewhere.

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