THE annual Budget speech is, at the best of times, a statement of intent in which economic and fiscal prudence competes with political expedience. When a country’s overall macro- economic and fiscal position is sound, it is relatively easy to accommodate a populist agenda without incurring high-opportunity costs.
When, however, economic conditions are negative and the fiscal cupboard is almost bare; and the ruling party is on the verge of contesting a general election in which, for the first time, it is no longer guaranteed an outright majority, the nation faces a potential lose-lose situation. This is a perilous situation that provides the scaffolding for the 2024 Budget Speech.
How and why did we reach this state of affairs?
The first 15 years of the post-1994 democratic era were generally fruitful and even triumphant. The economic growth rate was consistently positive, the Constitution was held in high esteem, the autonomy of our democratic institutions was upheld,
