under a diverse global economic climate. The International Monetary Fund projects global economic growth to slow from 3.4% in 2022 to 2,9% in 2023.
in a manner that would strengthen the resilience of the economy, enable recovery and create a growth path for the future. The efficiencies in the provision of services in these areas are all dependent on whether there is reliable energy supply to facilitate the delivery of those services. Especially for the most vulnerable.
The past fiscal year has seen record increases in the price of fuel. In light of that, no changes were made to the general fuel levy and Road Accident Fund levy, to soften the pass through effect. The main tax proposals this year have been related to sin taxes in the main. Therefore, the trade-off that the treasury made in the budget in 2023-2024 needs to be fully realised by ensuring that there is more effective governance. More so, at the level of local government because beyond the medium term, the South African economy needs to be orientated towards increasing its productive capacity at a sustainable level to address the high level of unemployment and poverty. The word “jobs” or “job creation” was not mentioned in the budget speech this year.