While this scenario is very unlikely to materialise, it shows that current rates of productivity growth are barely sufficient to offset the demographic drag on per capita income. Structural reforms are therefore urgently needed to raise productivity growth and unlock unused labour potential and thereby avoid stagnation in per capita income.
Statement by Mr Mboweni at his inauguration as new Governor of the Reserve Bank of South Africa  Statement by Mr Tito Mboweni on the occasion of the retirement of Governor Chris Stals as Governor of the South African Reserve Bank and his inauguration as new Governor, held in Midrand on 7 August 1999.