Combined with domestic concerns that I have outlined earlier, we do not anticipate robust economic growth or employment creation in the medium term. We hope we are wrong.
It is possible for South Africa to enter a virtuous cycle of rising confidence, rising investment and stronger growth fuelling employment gains;  BIS central bankers’ speeches  5  leading to still higher levels of confidence. It will require strong leadership across the economy to create such a virtuous cycle. Let me turn more directly to the challenges of collective bargaining.