Strained but standing: South Africa’s fiscal challenges and reform opportunities

SOUTH AFRICA - Report 07 Jul 2025 by Iraj Abedian

The OECD, in June, released its Economic Survey of South Africa, and it provides a sobering view of the country’s fiscal landscape. With gross government debt expected to remain above 75% of GDP in the near term (higher than the typical G20 emerging market economy), and significant revenue shortfalls looming following the reversal of the proposed VAT hike, the risks to South Africa’s fiscal trajectory are deemed to be skewed to the upside. The OECD highlights sluggish GDP growth, inefficient state-owned entities (SOEs), and high borrowing costs as major constraints to consolidation.

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