Budget speech lacked polices promoting economic growth - FNB economist

Finance Minister Pravin Gordhan did not do enough to address economic growth policy in his annual Budget Speech, says economist Mamello Matikinca.

We need to see more policies that promote economic growth and I think that was lacking in the Budget Speech today, which is quite disappointing.

Mamello Matikinca, ‎Economist at FNB South Africa

The Finance Minister delivered his annual Budget Speech in Parliament on Wednesday and Matikinca says most of the announcements were expected.

She says it's clearly becoming very difficult for government to quickly narrow the fiscal deficit, which may put the country at risk of a downgrade.

Gordhan told parliamentarians that South Africa is at a crossroads, with slow economic growth, high levels of unemployment and businesses under stress. Government debt levels are at an all-time high - around R2.2 trillion.

According to Matikinca, government need to diversify the ways in which it collects tax revenue.

Treasury hopes to raise an additional R28 billion in tax revenue this financial year, whilst simultaneously reducing government expenditure by R26 billion over the coming years.

She talks about South Africa's tax system and the role of parastatals in driving the economy.

Take a listen:

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