8  See Jeremy R. Magruder, ‘High unemployment yet few small firms: the role of centralised bargaining in South Africa’, American Economic Journal: Applied Economics, Volume 4, No. 3, July 2012. 9  The 2001 Medium Term Budget Policy Statement revised the inflation target range to 3–5 per cent for 2004 and 2005.
In 2002, however, with inflation close to 10 per cent, the Finance Minister postponed the target range revision indefinitely. See Trevor Manuel, Address to the National Assembly on the introduction of the 2002 Medium Term Budget Policy Statement and the 2002/03 Adjustments Appropriation Bill, 29 October 2002 (http://www.treasury.gov.za/documents/mtbps/2002/speech.pdf).