Unfortunately our growth rates are not in line with those of many of the emerging market economies, but are more in line with those of the advanced economies. We need to face up to the challenges, not all of which are external. We face a number of domestic challenges, requiring a concerted and coordinated effort.
In my talk today I shall address the challenges posed to the economy by these international developments and the impact on monetary policy. By way of conclusion I will offer some thoughts as to the type of structural or microeconomic reforms that are required to improve South Africa’s growth and competitiveness.