Such an analysis cannot only concentrate on what has happened in South Africa, but must also take into account the structural changes in the rest of the world and how these developments could perhaps affect South Africa. This is indeed a formidable task. In the next thirty minutes I will do my best to give you my view on these matters. 2.
In addition, negative effects of fiscal consolidation and structural reforms on economic activity will inevitably be felt in the near term. However, fiscal consolidation measures and structural reforms are a must if we are to have sustainable economic growth.