The South African budget was a “financial control” exercise – S&P Global Rating

JOHANNESBURG, March 9 (Reuters). The South African 2021 budget was not focused enough on economic reforms making a sustained recovery in gross domestic product unlikely, S&P Global Ratings said on Tuesday.

“There has been some fresh impetus for promoting structural reform … but it’s still pretty thin, and again the budget has been more of a budget control than structural reform,” S&P analyst Ravi Bhatia said during a webinar.

“So there is no reason to really expect a major, sustained recovery in growth in the future. So this is worrying. “(Reporting by Mfuneko Toyana editing by Promit Mukherjee)

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