South Africa hikes taxes, scales back spending as economy slows

Cape Town: The South African government raised taxes and scaled back spending plans in its annual budget Wednesday as Africa's most developed economy wrestles with stalling growth, rising debt, power blackouts and rampant unemployment.

Projected economic growth for 2015 is just 2.0 percent, down from 2.5 percent forecast in October last year, Finance Minister Nhlanhla Nene told parliament.