This balance-sheet problem in the household sector, coupled with downward pressure arising from the fiscal side, has probably held down U.S. economic growth to around 2 percent, although the growth rate without these negative factors would have been essentially somewhat higher.
South Africa’s growth outlook  Although the South African financial system has to date emerged relatively unscathed from the financial crisis, largely owing to sound financial regulation and supervision, the real economy did suffer. The economy contracted by 1,7 per cent in 2009, following growth of 5,6 per cent in 2006 and 2007 and 3,6 per cent in 2008.