‒  It is well known that the demographic projections are not favourable: even taking account of the contribution of immigration (estimated by Eurostat to amount to more than 200,000 persons on average per year), the population aged between 15 and 64 will decline by more than 3 million in the next 15 years.
The continued recovery in emerging markets and South Africa in particular, is dependent on how some of the key global risks unfold. Being a small and open economy, it is impossible to insulate ourselves against global risks, however, it is possible to manage the risks and minimise our exposure in such a manner that we are less affected by events such as these.