The Japanese economy recorded strong growth in the first quarter of 4,1 per cent, but it remains too soon to assess the efficacy of the various stimulus measures that were adopted.
Furthermore, growth in developing countries, for some time the mainstay of the world economy, is also slowing and contributing to the recent downward revision of global growth by the IMF in the order of 0,2 per cent to 3,1 per cent and 3,8 per cent for 2013 and 2014, respectively. South Africa is affected by these international developments in three ways.