*  *  *  Introduction Thank you for your kind introduction Professor Shorrocks, and good morning, Ladies and Gentlemen, It is a great pleasure for me to be here to open this conference on Southern Engines of Global Growth.
China, India, Brazil and South Africa – together with many other emerging market countries – are playing an increasingly important role in the global economy. Their growing importance is being felt in many areas, including growth, trade, international finance, global governance, and geopolitics. As a backdrop, let me say first just a few words about the global economy.