JOHANNESBURG - Finance Minister Tito Mboweni warned Sunday the economy could shrink by more than the 7% forecast by policymakers and the central bank for 2020, adding that public finances are "overstretched".
The Treasury and central bank expect the economy to contract by 7.2 and 7.3% respectively this year, after the country went into a strict lockdown in March already in recession. Government is expected to fall short of more than R300 billion in tax revenue -- over 6% of GDP -- Mboweni said, forcing the heavily indebted country to "borrow even more".
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