With the economy’s medium-term growth outlook deteriorating, a difficult domestic and global environment, and real GDP growth projected to average only 1.4% from 2023 to 2025, Finance minister Enoch Godongwana’s 2023 Budget Speech held limited good news for small and medium businesses.

The National Budget Review notes that this rate of economic expansion is well below the pace required to generate significant employment growth and to support national development.

Find out what the industry had to say about the 2023 National Budget speech.

In his Budget Speech address, Minister Godongwana said addressing the Financial Action Task Force (FATF) issues is part of the broader fight against corruption, crime, state capture, and the deliberate weakening of the institutions of law and order in our country.

The 2023 Budget speech was delivered against the backdrop of high living costs, a dismal unemployment rate and intensive loadshedding crippling businesses, all of which are placing severe strain on South Africa’s economic recovery and growth. Carla Rossouw looks at some of the key take-outs.

Budget 2023 announced incentives worth R9 billion for businesses and households to invest in renewable energy, including solar power generation. South Africa has one of the best solar generation profiles in the world and solar power can go a long way to help reduce electricity load-shedding.