Debt Rescue CEO Voices Concern Over Consumer Struggles Amid MTBPS

Following the 2024 Medium Budget Policy Statement (MTBPS), Debt Rescue CEO Neil Roets expressed deep concern for South African consumers, noting that, despite the government’s focus on stability and inclusive growth, financial pressure on households remains severe. Roets pointed to global economic challenges, with growth projected at only 3.2% and rising geopolitical tensions, which could further impact inflation and disrupt trade flows for South Africa.

Call for Contingencies Amid Economic Stagnation

Roets urged the government to prepare strategies that protect citizens, as the projected GDP growth of just 1.1% in 2024 suggests economic stagnation, leaving many South Africans facing a rising cost of living without sufficient relief. While there is support for a basic income grant, Roets believes that fostering a stable economic environment that encourages investment and job creation is crucial to easing these hardships.

Debt Burden Calls for Immediate Relief Measures

Roets welcomed the budget’s commitment to infrastructure investment but noted that many South Africans are burdened by heavy debt. He stressed that while enhancing public infrastructure is vital, it should not come at the cost of essential services like health, education, and social support. With rising debt-servicing costs, he called on the government to implement immediate relief measures that prioritise the financial well-being of ordinary citizens.

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