All of this affects  4  For instance, the proportion of South Africans with a financial product from a regulated provider has risen from 55% in 2005 to 85% in 2016. See National Treasury, 2017, A financial sector that serves all South Africans, available at http://www.treasury.gov.za/documents/national%20budget/2017/review/Annexure%20F.pdf. Page 5 of 17  growth.
So keeping inflation under control should be growth-friendly, which is just what the numbers show. This pattern also holds in a comparison across countries. Besides South Africa, 11 other emerging markets adopted inflation targeting in the late 1990s and early 2000s. These included Brazil, Thailand, and Colombia. Those with lower inflation than South Africa have had better growth and less unemployment.