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Gordhan:structural reforms to improve africa economic growth rates

         Date: 2012-04-25

           Tag: africa economic, africa economic growth

Summary: The "Great Recession" continues to haunt sentiment and market performance, Gordhan said, calling for structural reforms to improve growth rates.

The "Great Recession" continues to haunt sentiment and market performance, Gordhan said, calling for structural reforms to improve growth rates.

With economic projections of growth closer to 3%, Finance Minister Pravin Gordhan said yesterday during an interview on CNN that he believed the worst was over for South Africa's economy.

There were some elements of uncertainty, especially in the EU, Gordhan said, and "austerity alone will not supply jobs".

Gordhan was disappointed that an emerging-market candidate had not won the race to be World Bank president to replace Robert Zoellick - it went the way of the US again in the form of Jim Yong Kim, despite his not being the favourite.

"There is a democratic deficit in some international institutions," said Gordhan.

He said he hoped that an emerging-market candidate would appear at some point but emphasised that Kim would receive his full support and that of the Brics group of which South Africa is now a part.

He spoke of the importance of "leading with investment ourselves" and said there was a "huge focus" on broadening the manufacturing sector."We want to attract foreign direct investment and new technology."

Answering a question on South Africa's high unemployment rate of 24%, Gordhan said the country was embarking on a 10-year programme of infrastructure projects valued at about R1-trillion, but more cohesion between the people, business and the government was needed.


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