Godongwana’s grim mid-term budget

Finance Minister Enoch Godongwana presented a gloomy mid-term budget on Wednesday. Public debt has gone through the roof. The finance minister said the country’s public debt will reach a frightening R6 trillion next year. For every R1 the government collects, 22 cents goes towards servicing debt. It did not give the people of the country much hope for the future nor did it excite the markets. In fact, the Rand declined on the grim forecast for the country’s economy.The Gross domestic product (GDP) forecast is expected to be a meagre 1,1% which is not good news for the country’s…