South Africa's economy has been given the thumbs-up from major players in the world economy. The World Bank and the International Monetary Fund, as well as top economists, say our economy is headed in the right direction. Cosatu and two other civil society organisations have called for an extensive overhaul of the process by which the national budget is drawn up and approved. The capacity of national and provincial government departments, as well as the structurally vulnerable sphere of local government, may emerge as critical constraints on government's ability to achieve its spending targets. Rau is an independent consultant and member of the Board of Directors of the Africa Policy Information Center.
Economists welcome projections, while taxpayers can expect relief soon.
Government is to embark on an R8bn capital and infrastructure programme, as well as targeted tax relief, over the next three years, taking advantage of expected stronger economic growth and the fruits of its prudent fiscal policies. THE G-20 meeting that was held in Montreal, Canada, at the weekend offered an opportunity to the international community to reflect on where both official and popular reactions to financial globalisation are headed. Hunger is at its worst in subSaharan Africa and the rate of eradicating it in the region is too slow, says the Food and Agriculture Organisation. The inquiry into a comprehensive social security system for SA, initiated by cabinet and currently taking submissions from the public, should be seen as one of the most important initiatives of the post-apartheid era. The ANC election juggernaut hit the road last weekend with the launch of an expensive manifesto designed to pacify its trade union and communist allies, and to match its landslide win in last year's national election.