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South Africa's National Treasury criticized the statement by Moody's saying, "It's not possible that we'll end up in recession." He added that the government may revise lower its 4 percent growth forecast for the year following growth of 5.1% in 2007. Car sales in South Africa dropped an annual 22 percent in June due to higher interest rates. [2]
Neutral fiscal policy is usually undertaken when an economy is in neither a recession nor an expansion. The amount of government deficit spending (the excess not financed by tax revenue) is roughly the same as it has been on average over time, so no changes to it are occurring that would have an effect on the level of economic activity.
The expansion of fiscal revenues and expenditures and the increase in government departments and personnel required the government to plan its funds, which gave rise to the concept of the government budget. The government budget is also a product of the democratization of modern politics.
Analysis conducted by the Congressional Budget Office in 2013 estimated the effects of automatic stabilizers on budget deficits and surpluses in each fiscal year since 1960. The analysis found, for example, that stabilizers increased the deficit by 32.9% in fiscal 2009, as the deficit soared to $1.4 trillion as a result of the Great Recession ...
Angola's finance minister said the country's economy will contract by 1.21% in 2020, marking a fifth year of recession, as the coronavirus and a slump in oil prices batter its finances. Finance ...
In 2021/22 the Western Cape Provincial government received a total budget of just under R 72.35 billion with 74% (R54.445 billion) of that in the form of "equitable shares" from the national government budget, 18% (R13.53 billion) in the form of "conditional grants" from national government, 4% in "financing", 3% from the provinces own receipts ...
South Africa's recession deepened in the first quarter of 2020, with official data on Tuesday showing that gross domestic product contracted 2% from the previous three months, led by declines in ...
The recession caused by the coronavirus is an example of a shock to the economic system. Recession vs. Depression There is no true economic marker that differentiates a recession from a depression.