The Presidency and the National Treasury have established a formal structure in an effort to accelerate the implementation of structural reforms that, together with the recently launched Economic Reconstruction and Recovery Plan, are at the heart of renewed efforts to boost South Africa’s flagging economic growth. The National Treasury now expects the economy, which has been underperforming for more than a decade, to contract by 7.8% in 2020, instead of the 7.2% slump forecast by Finance Minister Tito Mboweni in his June Supplementary Budget.
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