In the case of South Africa, the effects could be even greater, against the background of a current-account deficit of around 4,5 per cent of GDP. In the past, sell-offs of emerging-market assets had been triggered by a wide array of events, which were infrequently related to actual developments in the domestic economy.
Conclusion Despite these risks, let me conclude by reiterating that the world and South Africa seems to be well set on a “pathway to growth”. It is conferences such as this one that are likely to sustain this growth. It is also conferences such as this one that will contribute to overcoming obstacles, reducing uncertainty and managing risks.