South African Finance Minister Trevor Manuel may forecast the country's first budget surplus since at least 1960 tomorrow and propose a compulsory pension and medical plan to increase savings by individuals.
In his 11th budget, Manuel probably will revise his forecast for a deficit of 0.4 percent of gross domestic product in the year that ends March 31 after a tax windfall, said Arthur Kamp, an economist at Sanlam Investment Management. The finance minister starts his speech to parliament in Cape Town at 2 p.m.
A consumer spending boom, higher gold and platinum prices and a weaker rand have driven up profits in Africa's biggest economy. Now the government is seeking to increase savings and finance the investment needed to lift economic growth further.
Read more at Bloomberg.com
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