[Document] Navigating PwC’s Budget Brief 2023 – 2024

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The global economy remains fragile, although the outlook today is slightly more optimistic on the back of improved confidence, with some sectors surpassing pre-pandemic levels. Inflation remains persistently high but is projected to recede gradually in 2023 as global energy and food prices ease off…..

However, the drivers underpinning growth as well as the utilisation of the debt facilities should also be considered. The Country’s growth depends on consumption, which in turn depends on imports, and this is unsustainable in the long run…..

Long-term, growth is however dependent on the capacity of the labour force, the quality of institutions and conducive macro policies. Unemployment is back down to nearly its pre-COVID level and, although there are some 43,000 unemployed, there is an acute skills shortage in key sectors. …..

The macro measures in the form of grants, subsidies, tax rebates and concessional financing to sectors such as agriculture and
manufacturing will incentivise local production and support exports in the short term. However, more is needed in the long-term to drive productivity and efficiency to re-engineer the fabric of the economy towards a more sustainable model.
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