Godongwana: SA economy expected to grow by 1%
Finance Minister Enoch Godongwana says South Africa's economy is expected to grow by 1.1% this year.
Godogwana has tabled the first mini-budget of the seventh administration in Parliament on Wednesday.
"This is lower than the estimate of 1.3 per cent in February. Over the medium term, growth is forecast to average 1.8 per cent. This underscores the need for higher inclusive growth to meet the aspiration of a better life for all."
He began his speech by paying tribute to his predecessor and former Reserve Bank governor, Tito Mboweni, who passed away early this month.
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Godongwana said Mboweni will be remembered for his contribution to progressive labour market regulations and modernising the county's monetary policy.
"In one of his last public interviews, Governor Number 8, as he liked to be called, spoke of the next few years being defined as “the infrastructure years”, where the national obsession should be on building the much-needed infrastructure.
"He would be proud that today, a cornerstone of our policy statement is the announcement of bold and far-reaching infrastructure reforms."
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