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South Africans Await Crucial Budget Speech in Parliament

Gordhan, who was reappointed to the portfolio in December, is expected to introduce austerity measures when he delivers his speech on Wednesday.

According to the news service Eyewitness News, economist Dawie Roodt says the next budget will cut back on state spending, will increase different taxes and announce some sort of privatization processes or projects.

President Jacob Zuma set the tone in his State of the Nation Address (Sona), acknowledging times are tough and government has to cut costs.

He recalled South Africans that the country, as well as many other developing economies, has been victim of the global economic recession.

The International Monetary Fund and the World Bank have predicted that the South African economy, one of the continent’s driving forces in the continent, will grow less than one percent this year.

Source – Prensa Latina