[OPINION] 'The risk that the government will default on its debt – the ultimate fear of any bondholder – is still small.' IzakOdendaal Moneyweb Budget
Ahead of South Africa’s annual budget speech next Wednesday , there is no shortage of things to be worried about. First and foremost is the fact that the speech will not be delivered in parliament, which was seriously damaged in a fire recently. Following the July riots, this adds to the sense that the country is quite literally burning and that the state has lost its ability to maintain law and order.
As Harvard economist Dani Rodrik once said of South Africa, if we don’t solve our unemployment crisis, it doesn’t really matter which other problems we solve. Focusing purely on economic policy, Sona was better than expected . The only solution is to make it easier and cheaper to do business in South Africa. Companies that are profitable expand, invest and hire. Companies that aren’t don’t. The government’s focus should be on allowing business to flourish.
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