National Treasury will table the 2022 Medium-Term Budget Policy Statement (MTBPS) on 26 October 2022 within a challenging global economic outlook. In its World Economic Outlook released last week, the International Monetary Fund expects 34% of the global economy to be in recession this year or in 2023, up from just under 5% at the beginning of the year. Russia’s war on Ukraine heightened the acceleration in global inflation, particularly food and energy. The Euro area’s economy is in recession due to the energy crisis following the reduction of gas supplies from Russia. The United Kingdom’s inflation, interest rate, growth
Read More
Monthly Archives October 2022
GARETH ACKERMAN SAYS BUSINESS SECTOR HAS TO STEP UP TO HELP SOLVE THE COUNTRY’S ECONOMIC/INFRASTRUCTURE PROBLEMS
The co-chairman of the Consumer Goods Council of South Africa (CGCSA) Gareth Ackerman today said the private sector cannot longer wait for government to solve the country’s worsening infrastructure crisis because the state is failing to deliver. Addressing the annual summit of the CGCSA in Sandton, Ackerman said businesses will have to provide solutions than wait for the government to step in. Ackerman questioned why the government is not dealing with alleged corruption at Eskom where there have been allegations of the utility being supplied with low quality coal for its power stations. “We need to ask ourselves what is going
Read More