Amra, RashaadSachs, MichaelWillcox, OwenMadonko, Thokozile2024-02-132024-02-132024-02Amra, R, Sachs, M, Willcox, O, Madonko, T. , 2024. Macro Fiscal Review: Reflections on public finances ahead of the 2024 Budget Review. Public Economy Project. SCIS Policy Note, Number 65.https://hdl.handle.net/10539/37611This policy note, published before the 2024 Budget Review tabling, reviews global and domestic economic developments and fiscal developments since the 2023 Budget Review and Medium-Term Budget Policy Statement (MTBPS) were tabled. It considers the implications of these developments for public finances and the realisation of the state’s socioeconomic goals. This note discusses emerging expenditure pressures observed in the recent period, which would warrant government to consider in its formulation of the upcoming budget. It assesses government’s key fiscal projections presented in the 2023 MTBPS and Budget Review. And it presents the Public Economy Project’s own updated outlook for public finances – it incorporates updated economic and fiscal data, and adjusted expenditure assumptions. It further discusses the limitations of government’s current approach to fiscal policy, and presents possible adjustments that would allow for a more equitable and sustainable path for public finances.enAuthor(s) retain the right to self-archive the final published version or parts of it on an author’s personal website or a not for profit server or repository associated with the institution that employs the author(s).©2024 Southern Centre for Inequality Studies (SCIS)Fiscal PolicySouth AfricaDebtFiscal ConsolidationEconomyMTBPSPublic Economy ProjectSDG-8: Decent work and economic growthWorking Paper