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With South Africa’s economy under significant pressure as it battles to eke out a mere 1% growth, labour disputes and retrenchments are on the rise.
Governments everywhere face a difficult balancing act between curbing public spending and providing adequate benefits to their increasingly large elderly populations.
The 2016 Medium Term Budget Policy Statement (MTBPS) illustrates the South African National Treasury’s intent to continue following a path of fiscal consolidation as it aims to stabilise government’s debt ratio and ensure long-term fiscal sustainability.
In its 2016 Medium-Term Budget Policy Statement (MTBPS), South Africa’s National Treasury unsurprisingly revised its estimates of real GDP growth lower to around 1.5% p.a. between the current fiscal year (FY2016/17) and FY2018/19, from 1.9% projected at the tabling of the February 2016 National Budget (see chart 1).
Do you think short-term insurance broking will survive the AI plus humanoid robotics age?