Budget Depicts Havoc Virus Wreaked on South Africa’s Economy
- Economy expected to contract 7.2%, budget gap seen at 15.7%
- Tax revenue projection reduced by 22% from February estimate
People dressed in personal protective equipment (PPE) carry the casket of a family member at the Klip Road Cemetry in Grassy Park, Cape Town, on June 9.
Photographer: Rodger Bosch/AFP via Getty Images
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South African Finance Minister Tito Mboweni delivered a grim assessment of the nation’s finances in a special adjustment budget that forecast a deep recession and plunging tax revenue.