Highlights
Economic growth and inflation rates revised significantly lower.
Tax revenue collection shortfall of R52bn in 2019/2020.
Debt to GDP ratio rises above 70% over the medium term and continues to rise thereafter.
Moody’s will likely change the outlook from stable to negative on 1 November followed by a downgrade in 2020 if no reforms are implemented.
Bond yields will likely rise and the rand will weaken against the US dollar although it appears that the negative rating action is largely priced in already. (more…)
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