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South Africans upbeat about economy

By Zukile Majova | Feb 17, 2010 | COMMENTS [ 0 ]

SOUTH Africans are more positive about their personal economic conditions ahead of Finance Minister Pravin Gordhan's Budget today.

A new Ispos Markinor Survey released this week found that more than 46percent of South Africans believed their personal economic situation would improve in a year's time, compared with 42percent in November 2008.

Ipsos Markinor political analyst Anneke Greyling said: "Despite tough economic conditions, South Africans are slightly more positive about their personal economic conditions compared with a year ago."

But, they are unhappy with the government's performance in key economic areas.

The survey found that more citizens were concerned about rising food prices, with only 18percent saying they were confident government was managing the situation well.

Only 36percent believe that government is doing a good job of controlling inflation.

Gordhan's challenge is to curtail government spending against President Jacob Zuma's commitment to a R846billion investment in infrastructure.

During the State of the Nation Address last week, Zuma said his government would provide R6billion to rescue struggling companies and a further R2,4billion to finance the government's lay-off scheme.

Economist Mike Schusller said taxpayers should not expect a tax break, while taxation for excise duty might go up.

"Considering the impact of the recession on small business, the minister might consider to offer some relief to this sector, which was hardest hit."


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