Finance Minister Muthuli Encube has presented the 2021 National Budget, which operates under the recently launched Economic Recovery Plan NDS1. The theme of the 2021 budget is “Creating Recession and Sustainable Economic Growth”.
Here are some highlights of the document:
- The economy is projected to shrink to -4.1% by 2020, which reflects weak demand due to the necessary locks.
- It is the use of suppressed output, productivity and efficiency.
- The COVID-19 epidemic has already hit the economy dealing with the devastating effects of drought climate shocks, Hurricane Idai and Hurricane Kenneth.
- The mining, manufacturing, tourism, construction, distribution and other service sectors faced the full negative impact of the regulatory measures.
- Agriculture was less affected as the infected summer crop season was almost over.
- The government reconsidered the budget allocation and announced a $ 18.2 billion stimulus package to save lives and livelihoods.
- The economy is expected to rise 7.4% in 2021 from 2 consecutive years of decline.
- The government’s response aims to ensure a strong economic recovery framework in the milestones from the Interim Stabilization Program (DSP) and to target additional support measures to empower vulnerable families.
- It is expected that 150 000 formal jobs will be restored after being lost to the COVID-19 epidemic.
- Prices are expected to remain stable as financial and monetary measures are met in controlling inflation.
- The forex auction market system is important in bringing stability to the forex market.
- Annual inflation is expected to reach 9% by the end of 2021.
Full details and National Budget documents are available at the following links:
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