Annual Budget commentary from Forvis Mazars

For the second year in a row, the Minister of Finance had to prepare the national budget with the continuing threat of Covid-19, amidst an uncertain international economic environment, the spectre of stagflation and the low confidence levels across the general population. With an expected budget deficit of 5.6% for 2020/2021 and unemployment rate at 9.2% and a Debt-to-GDP ratio of 95%, the Minister of Finance was tasked to propose, a sound, yet resilient plan to propel the country on an inclusive growth trajectory. We assess below his proposals on various fronts.