But what you should take away from this is that there is much more to growth than monetary policy, and it is still possible to stagnate with the loosest monetary policy imaginable. The fact of the matter is, South Africa has not made itself a high-growth country. We do not save enough to fund adequate levels of investment.
We invest less than 20% of GDP; to sustain strong growth, we should have investment of at least 25% of GDP. We have focused on domestic  the Federal Reserve’s targeted measure of inflation. 7 The exact averages are 1.7% for Germany, 0.9% for Italy, and 2.9% for Spain, for the period 2015-2019. The data are drawn from the IMF World Economic Outlook database.