An address by Lesetja Kganyago, Governor of the South African Reserve Bank (SARB), at the ninety-ninth annual Ordinary General Meeting of the SARB shareholders South African Reserve Bank, Pretoria 26 July 2019 Global economic conditions  The past year began with significant challenges for emerging markets, including South Africa.
In contrast to the synchronised pickup in economic growth of 2017, which had surprised most observers by its magnitude, the major economies began to display divergent growth patterns in 2018. While the United States (US) maintained a strong pace of growth amid a sizable fiscal stimulus and a buoyant labour market, the eurozone and Japan lost some momentum.