Mboweni to table his budget speech in the midst of a stagnant economy

mboweni to table his budget speech in the midst of a stagnant economy

Finance Minister Tito Mboweni will on Wednesday table the much anticipated budget speech in the midst of a stagnant economy due to among others the COVID-19 pandemic and record high unemployment levels.

The figures the Statistics South Africa released on Tuesday put the country’s unemployment rate at 32.5%, with seven million people officially without jobs and 60% youth unemployment.

Statistician-General Risenga Maluleke says more people are actively looking for employment: 

[embedded content]

[Thread] South Africa’s #unemployment rate increased by 1,7 percentage points to 32,5% in Q4:2020 compared to Q3:2020.

Read more here: https://t.co/Tn5PqWiA9q#StatsSA #employment pic.twitter.com/kayLZW4K41

— Stats SA (@StatsSA) February 23, 2021

ANC MP Noxolo Abraham says they expect Mboweni to announce more funding for coronavirus vaccines as the country starts to vaccinate health care workers as well as a solid economic recovery plan.

“We expect [that] the minister will talk to the provision of sufficient funding for government’s response to the challenges that are facing our country – an aggressive vaccine roll-out to protect front line workers the most vulnerable groups. An additional building [of] our own capacity to manufacture vaccine or in line to economic reconstruction and recovery [plan],” adds Abraham…

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