The fact is that there is lesser and lesser room for dodging the bullet in case of a global recession. Some are concerned that our policy rate, currently at 3.35 per cent, is at its alltime low. We are not alone in this low policy rate environment. This being said, there IS hope, ladies and gentlemen!
In some instances in sub-Saharan Africa, commodity price slumps have lasted over 30 years. However, since 2001, as commodity prices have boomed, we have witnessed impressive economic growth in many of the resource-rich African countries. Notwithstanding the structural shift from a commodity-based country to a more services-oriented one, South Africa has also experienced a concomitant increase in growth over this period. 3.