JOHANNESBURG/CAPE TOWN- Finance Minister Tito Mboweni said the country had generated far too much debt and that was the country's weakness.
JOHANNESBURG/CAPE TOWN- Finance Minister Tito Mboweni said the country had generated far too much debt and that was the country's weakness.
Mboweni said the country had been hit hard with unemployment sitting at 30.1% and growth expected to contract. And national debt will be massive: “Our early projection is that gross national debt will be close to R4 trillion, or 81.8% of GDP by the end of this fiscal year. This is compared to an estimate of R3.56 trillion or 65.6% of GDP projected in February.”
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