As the country begins to roll out a massive vaccination programme, the Gross Domestic Product (GDP) is projected to grow by a rate of 3.3% in 2021.
Releasing the Budget Review for the next three years, the National Treasury said on Wednesday the Covid-19 shock is estimated to have led to a 7.2% contraction in GDP growth in 2020.
“The economy has started to recover in response to improved global conditions and the easing of lockdown restrictions and in the months ahead, a mass vaccine rollout will support a full reopening of the economy.
“GDP growth of 3.3% is projected for 2021, moderating to an average of 1.9% in 2022 and 2023.”
Treasury said government’s balanced and prudent fiscal strategy is designed to stabilise the public…