Since these conversations take place not only here in South Africa, but also in other parts of the world, allow me to quote Mark Carney, the Governor of the Bank of England addressing the 2014 Trade Union Council congress in the UK: “By maintaining price and financial stability, we put in place the foundations for sustainable job creation and income growth.
Decades of rapid growth and apparently unending capital inflow had made the Asian emerging markets, until recently known as “tigers”, believe they were immune from the reversals of investor confidence that beset other parts of the world and produced an incaution that led to over investment in some sectors, inflated equity and real estate prices, and some ill-thought-out projects, public and private.