There are some economic realities in South Africa that even the most “hardcore” politicians simply cannot ignore.
No matter which government emerges after the 2024 election next month, even “hardcore leftists” will have to confront the reality of South Africa’s massive debt burden, says Old Mutual Wealth Investment Strategist Izak Odendaal.
But for the most part, many of these issues have plans and interventions in place that are unlikely to be dismantled or disrupted by whichever government comes into power. “South Africa needs to stabilise government debt levels; otherwise, its interest burden will become unsustainable and crowd out other spending areas,” Odendaal said, stating that this is the “reality” that every politician needs to face.This number will continue to rise if borrowing isn’t reducedEven forcing institutions to “lend to the government” through policies like prescribed assets will not sufficiently reduce the government’s borrowing costs, he said.
“ only to discover that the cupboard was bare. By 1996, it switched to a policy of macroeconomic stability and debt reduction,” the strategist said.
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