South Africa’s debt burden
According to the 2022 budget, the revised estimate of the 2021/22 GDP of South Africa is R6.3trn. Government debt has reached R4.3trn and is expected to reach R5.4trn in the medium-term. Similarly, South African consumers are grappling with debt; according to Eighty20’s latest Credit Stress Report the number of South African credit accounts that are 9 or more months in arrears continues to grow. Additionally, there is a 10% quarter on quarter increase in loans that are 7-8 months in arrears.
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