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Vol 46 No 5

Published 4th March 2005

South Africa

All about the jobs

The budget boosts public spending and reduces taxes but cutting unemployment will be the key test

Finance Minister Trevor Manuel's budget offered a generous formula for fuelling growth and cutting taxes without letting inflation rip. He called it 'More for all': a balancing act between maintaining business confidence and promoting job-creating growth. Most independent economists agree with Manuel's 23 February budget forecast of gross domestic product (GDP) growth of 4 to 4.5 per cent this year. And most back his plans for higher public spending, now increased to 418 billion rand (US$73 bn.) from R370 bn. in 2004-2005.

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