All eyes will be on Finance Minister Enoch Godongwana as he delivers his much-anticipated budget speech on 12 March.

With the cancellation of last month’s Budget Speech still fresh in the public's mind, speculation is rife of potential tax hikes, especially a 2% VAT increase.

As experts and economists weigh in, the nation braces for what could be a make-or-break announcement for South Africa's fragile economy.

Economist Ulrich Joubert said, "The economy can’t afford any tax increases. Even the sin taxes must be reconsidered."

He stressed that the government should focus on controlling expenditure rather than looking for ways to increase revenue through taxes.

"There is plenty of room to cut expenditure, starting with the number of cabinet ministers and the assistance we provide. It would send a strong message if the government starts at the top and demonstrates that they are serious about controlling costs."

Economist Dawie Roodt echoed this sentiment, stating, "The bottom line is simple: the state has been borrowing too much money.

“The debt has been going up too fast, and the interest on that debt just keeps on rising. We cannot borrow more money. That is just a given."

Roodt firmly rejected any idea of raising taxes, arguing, "This economy cannot afford another tax increase. It doesn’t matter which tax it is. This economy has been overburdened by too many taxes for far too long."

Joubert also emphasised the need for economic growth. "We need to create an environment in which the economy can start growing. Not at 0.6%, but at much better rates.

"A 2% growth target is manageable, even 3% would be better," he said. "The key is creating a growth-friendly environment so that we can start creating jobs."

Roodt said, "The only way to fix the budget is to spend less money. Politicians must spend less money. There is ample space to make cuts.

“For example, civil servant salaries have been increasing above inflation for years, and many government departments, like Small Business Development and Women and Children, could be closed to save unnecessary spending."