These developments are reflected in the recent economic performance of Brazil and Russia, both of which are experiencing recessions, India being the only one of our BRICS partners with a strong growth outlook. Although African economies have been experiencing relatively strong growth, some downside revision has been seen in response to commodity-price developments.
The BSP’s main policy thrusts in 2008 will involve nurturing a resilient economy by ensuring that this is anchored on sound macroeconomic fundamentals and building a strong financial system that is flexible in the face of growing global integration and innovation. Managing risks to inflation and inflation expectations will remain the key policy priority of the BSP.