Experts across sectors welcomed the 2025 Medium-Term Budget’s focus on fiscal discipline, infrastructure reform, and private-sector collaboration. While improved debt stability and policy certainty inspire optimism, leaders stress the need for measurable youth employment outcomes and inclusive growth to sustain South Africa’s recovery.

In a thoughtful reflection on South Africa’s mid-term budget, Yugen Pillay, Partner and Head of Public Sector at BDO South Africa, highlights the encouraging signs of economic recovery while urging greater urgency in tackling crime and corruption to safeguard progress.

Citadel Chief Economist Maarten Ackerman says the 2025 Medium-Term Budget reflects fiscal maturity and credibility, highlighting progress toward debt stabilisation, lower inflation, and structural reform. While challenges persist, the focus on fiscal discipline and private sector collaboration signals renewed economic confidence.

The Banking Association South Africa welcomes the 2025 Medium Term Budget’s commitment to fiscal discipline and reform. With a new 3% inflation target, lower debt costs, and better revenue performance, BASA highlights the momentum toward stability, investment confidence, and sustainable growth.

South Africa’s medium-term budget signals growing fiscal discipline despite political complexity. Momentum Investments’ economists, Sanisha Packirisamy and Tshiamo Masike, unpack Treasury’s steady progress toward debt stabilisation, lower inflation targets, and cautious optimism for a sovereign ratings upgrade amid ongoing reform efforts.

South Africa’s fiscal outlook is showing early signs of stabilisation. Reza Hendrickse, Portfolio Manager at PPS Investments, unpacks the Medium Term Budget Policy Statement’s cautious optimism, highlighting revenue gains, restrained spending, and the slow but steady path toward debt sustainability.