South Africa's debt levels are reaching unsustainable levels as poor policy decisions and government inaction take hold.
South Africa is heading for a fiscal disaster as the government’s rising debt burden is reaching unsustainable levels, and poor economic policy is resulting in stagnant economic growth.
Citadel chief economist Maarten Ackerman said the rising debt-servicing costs increase the possibility of a debt spiral. According to Ackerman, the government is overly optimistic, with Treasury’s estimated growth for 2023 being higher than that of all rating agencies and the Reserve Bank. He warned that the government’s debt burden is already unsustainable, and it continues to spend more than it collects in tax revenue.
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