Economists often use a shorthand to assess the public debt outlook: government debt typically increases when borrowing costs exceed economic growth (r > g). This has been the case for South Africa for much of the period since 2017.
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Compiled by Sinead Morrow
Footnote
It is important to note that there are many different ways to measure r and g, see here and here for some alternatives for South Africa. These alternative measure show that for more than a decade, r has been higher than g in South Africa. The opposite has been true in economies such as Australia, Canada, China, India or the United States, particularly before the COVID-19 pandemic.
