Question NW4122 to the Minister of Finance
05 December 2022 - NW4122
Buthelezi, Mr EM to ask the Minister of Finance
With reference to his speech during the tabling of the Medium-Term Budget Policy Statement on 26 October 2022, wherein he projected that the average economic growth would be 1,6% and would not be enough to support the developmental goals of the Republic and as a result structural reforms will be implemented, what are the full details of the (a) form of the specified structural reforms, (b) projected growth and results that his department envisages in the different sectors and (c) promotional and supportive assistance and/or investment that his department will offer (i) small, medium and micro enterprises, (ii) the agricultural sector and (iii) township and informal economies to ensure sustainability and that their growth is not stifled?
Reply:
(a) The Economic Recovery and Reconstruction Plan (ERRP) outlines the country’s near-term growth agenda. It includes a number of structural reforms aimed at supporting the economic recovery by unlocking investment and removing barriers to growth.
(b) The National Treasury provides forecasts from the expenditure side of GDP, details of which can be found in the Budget Review 2022 and Medium Term Budget Policy Statement (MTBPS) 2022.
With regard to the estimated impact of reform implementation, this was estimated to result in a 2.3 percentage point growth above the baseline over the next ten years. The details of this work can be found in the Economic Recovery and Reconstruction Plan.
(c) The MTBPS does not make specific allocations to departments and programmes. Such allocations will be published in the 2013 Budget.