WIDER Working Paper 2024/59-The sustainability of South African fiscal policy

Table of Contents

• 1 Introduction 3
• 2 How large is the debt burden really? 4
• 3 How large is the (actual) deficit really? 6
• 4 Did the primary balance react to the increase in the debt-to-GDP ratio? 10
• 5 Did fiscal fatigue set in in the fiscal reaction function? 13
• 6 Does government expenditure have a positive impact on economic growth? 15
• 7 Conclusion: policy implications of the results 21
• References 22
• Appendix 24