South Africa Economy
The past decade has seen a growing South African economy and the 2006/07 Budget Speech drew on the fact that South Africa is anticipated to experience an economic growth closing in on a 6% target and inflation remaining around 4.5%. With a broader tax base the economy has realized an additional R41.2 billion revenue collection. This has given the Minister greater flexibility to utilize these additional funds to uplift the poor even further than in previous budgets. To alleviate poverty has been the Government’s priority. Spending on social and welfare grants has been the biggest benefactor since 2001 going up roughly 5.5% in 2006/2007. This proves that the state is serious in uplifting the poor, with R16.2 million allocated to housing and community development. Sanitation, water services and electrification have been prioritized. R23 billion will be spent on improving informal settlements.
Due to this extra revenue collection, the South African budget deficit has also fallen......
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