Gordhan signals higher taxes in January - chief economist

Minister of Finance Pravin Gordhan has proposed raising an additional R43 billion through tax measures over the next two year.

Chief economist at Standard Bank, Goolam Ballim, says Gordhan's reference to Nelson Mandela showed that 'the National Treasury is an entity that directs funding for the poor and vehicle for social justice than injustice'.

Ballim also commented on Gordhan's comments on how a downgrade may change his plans.

His commitment to maintain fiscal sustainability is unwavering. However, he clearly is signaling that if we were to be downgraded then whatever optimistic growth will cost he has suggested or whatever optimistic fiscal suggestion he has made will come to not because then South Africa is likely to face a recession in 2017.

Goolam Ballim, chief economist at Standard Bank

He was signalling that no matter what I can stand here and present in terms of economic growth and fiscal stability it all hinders on political stability.

Goolam Ballim, chief economist at Standard Bank

Listen to Chief economist at Standard Bank, Goolam Ballim, below for more analysis on Gordhan's Medium Term Budget policy...

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WATCH LIVE: Heat is on for Gordhan's mid term budget speech

WATCH LIVE: Heat is on for Gordhan's mid term budget speech

Finance Minister Pravin Gordhan will spell out South Africa's financial situation during the Medium-Term Budget Policy Statement.

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