Fiscal policy influences the economy through taxation and spending. Economic growth is not always indicative of societal development. South Africa can use fiscal measures to boost economic growth.
Fiscal policy is applied through Treasury to influence the economy in various ways. It involves government decisions on taxation, public spending, and debt management to achieve economic goals.
Economic growth is the increase in a country's output of goods and services over time. It is often measured by the percentage change in a country's real GDP.
Economic growth does not necessarily lead to economic development because growth may not always translate into improvements in factors like living standards, income distribution, and quality of life for all individuals in society.
In South Africa, fiscal measures that can be applied to stimulate economic growth include adjusting tax rates, increasing government spending on infrastructure projects, implementing investment incentives, and promoting entrepreneurship through supportive policies.
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