The annual competition sponsored by two major banking groups, poses challenging economic scenarios to undergraduate and postgraduate economics students from tertiary institutions across the country that they need to then research and explore.
And in this year’s list of finalists, students from University of the Witwatersrand dominated by taking eight of the 20 spots.
For this year’s competition, the undergraduate essay topic asked students to share their views on the prospects for economic growth in South Africa over the medium term and to evaluate and discuss the most pertinent factors influencing growth prospects. Furthermore, they were expected to discuss how these factors impacted South Africa’s growth during the periods 2004 to 2007 and 2015 to 2019.
The postgraduate students’ essay topic was to evaluate the impact of public infrastructure investment on economic growth based on South Africa’s post-2000 experience. They were also asked to discuss this impact on the prospects for economic growth in the medium term.
These topics were framed in the context of South Africa’s low economic growth during the past decade, which has largely been blamed on regulatory and policy uncertainty, the slow pace of structural reforms and the impact on worsening power cuts.
The essays submitted provide interesting insights and offer solutions from the students to the economic and infrastructural challenges and opportunities facing South Africa.
Nedbank Chief Executive Mike Brown says the competition showcases the brilliance of economics and finance students at our South African universities, with many of the previous winners going on to carve out successful professional, academic and business careers in South Africa and internationally.
“For South Africa to fulfill its promise and potential, it needs visionary leaders and influencers who have both a deep understanding of the economic issues we face and how to resolve them as well as a motivation towards building a stable and socially just society,” says Brown.
This year’s finalists were selected by a filter and adjudication panel composed of representatives from sponsors Nedbank and Old Mutual, National Treasury, the business sector, academia, and external consultants.
All essays were initially marked by the filter panel, with the top 20 selected in each category after much debate and mutual agreement.
For Iain Williamson, Chief Executive Officer at Old Mutual, the Competition is as relevant now as it was 51 years ago.
‘The polycrisis environment that characterises much of our local and global landscape right now, requires thinkers who can find innovative solutions to these complex problems. Every year, the Budget Speech Competition finalists demonstrate a natural ability for thinking out of the box to solve some of the most pressing challenges we share in the economy and society,” says Williamson.
For the final round of the competition, the finalists will be interviewed by the adjudication panel during 2023 Budget Week in Cape Town, South Africa. The panel will evaluate each student in terms of the following criteria: intellectual sparkle, ability to formulate and express rational arguments, and understanding and knowledge of topical global economic issues.
Thereafter, the winners will be announced at a gala dinner on budget speech night.
Apart from the obvious prestige associated with being a Budget Speech Competition winner, there is a total of R420 000 in prize money up for grabs, with the postgraduate winner getting R150 000 for his or her efforts and the top undergraduate entrant walking off with R60 000.
The cash prizes awarded to the winners and two runners-up in each category must be used for academic purposes.