Finance Minister Enoch Godongwana delivered his Medium-Term Budget Policy Statement (MTBPS) last year. Godongwana on Thursday acknowledged growing global and domestic uncertainties, saying Treasury was reviewing its baseline economic assumptions despite signs of resilience in the local economy.
Finance Minister Enoch Godongwana has indicated that National Treasury is reassessing South Africa’s economic growth projections ahead of the Medium-Term Budget Policy Statement (MTBPS) as rising geopolitical tensions and surging oil prices threaten to undermine the country’s recovery.
The National Treasury is currently projecting real gross domestic product (GDP) growth of 1.6% in 2026 and 1.8% over the medium term, reaching 2% by 2028, a significant improvement from the 1.1% in 2025.
Speaking at the Nedbank Top Empowerment Conference, Godongwana on Thursday acknowledged growing global and domestic uncertainties, saying Treasury was reviewing its baseline economic assumptions despite signs of resilience in the local economy.
“We are in the process of assessing our baseline numbers for the Medium-Term Budget Policy Statement on 21 October 2026. Like the global economy, the South African economy is demonstrating some resilience, as the first-quarter figures show,” he said.
