Economic growth forecast slashed to below 1%
Finance minister Malusi Gigaba is delivering his maiden mid-term budget policy statement in Parliament.
Gigaba has announced that government has slashed its economic growth projections to below 1%.
The figure for 2017 has been revised downwards from 1.3% to 0.7%.
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"The period ahead is not going to be an easy one," Gigaba says.
"We have had to revise economic growth projections downwards for 2017. Growth is subsequently expected to increase slowly, reaching 1.9% in 2020. This trend assumes that the status quo prevails. We have the power to change our course. The global environment may be helpful as growth is improving," the minister explains.
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He says the majority of the country's wealth is still in the hands of the minority, with "95% of the wealth in the hands of 10% of the population".
Gigaba says an economy that grows ensures that all South Africans live a dignified life.