India and China’s projected economic growth figures give hope to the South African economy, Finance Minister Tito Mboweni has said, but cautioned that the country’s public finances are “dangerously overstretched”. One of the reasons for this hope stems from a much improved economic outlook, he said. “China is expected to grow at 8.1 per cent in 2021, while India will achieve a growth rate of 11.5 per cent in 2021. The minister said he is also hopeful because the government is making meaningful progress in the implementation of its structural economic reforms. The minister also increased personal income tax brackets by 5 per cent, providing some relief to lower and middle income earners.

Source: Indian Express February 25, 2021 04:52 UTC