Additionally, as a matter of economic identities the Current Account is equal to Aggregate Demand less gross national product (GNP). If the current account deficit closes suddenly demand has to fall as quickly, unless GNP expands enough to cover the gap, which it is unlikely to do in the short term.
South Africa has a large current account deficit, but this is mitigated by our currency and debt policies. When a country with a fixed exchange rate experiences capital outflows, the peg comes under pressure and needs to be defended.