The global economy has been as favourable recently as it has been for some time. We are experiencing a synchronised cyclical upturn across major economies. South Africa’s terms of trade are near all-time highs. Meanwhile, global financial markets have resumed a search for yield, causing stronger capital inflows to emerging markets, including South Africa.
Diverse engines of growth and canceling-out of small shocks during economic recovery since 2002 To assess current economic activities in Japan, it is worthwhile to look back on the developments since 2002 as a starting point. 1 The Japanese economy has recovered continuously since hitting the bottom in early 2002.