Economist warns of consequences of low growth, potential tax hikes

It is well known that the South African economy is having serious growth challenges, which is unlikely to improve over the next three years, with best estimates that the country’s gross domestic product (GDP) will grow by just 2% during this period. This is according to financial services company Citibank South Africa chief economist Gina Schoeman, who on Wednesday addressed a media roundtable ahead of Finance Minister Malusi Gigaba’s inaugural Medium-Term Budget Policy Statement on October 25.