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Gearing for growth
How countries recover from crisis – Considering the case studies
Outcomes report - March 2018
The first Gearing for Growth seminar, held in March, brought together local and global thought leaders under the theme, ‘How countries recover from crisis – Considering the case studies’. Speakers included renowned economist, Dr Yuwa Hedrick-Wong, Chief Economist and Chair of the Academic Advisory Council at Mastercard Center for Inclusive Growth; Global Economic Advisor, Mastercard Inc., and Manu Bhaskaran, Director of Centennial Group and Chief Executive, Centennial Asia Advisors, one of Singapore’s best-known economists. The seminar unpacked ways in which to practically and pragmatically drive inclusive economic growth in the South African economy.
Key takeouts from this report
- The conference kicked off by stating that it is agreed that South Africa’s economy needs to start growing again. The current economic growth pace of approximately 1.5% per annum is inadequate to rectify South Africa’s socio-economic problems. The growth target should be between 5% and 6%.
- Remarks from the South African Reserve Bank stated that South Africa has not been able to piggyback off the momentum of the growing global economy.
- Dr Martyn Davies discussed how South Africa may learn important lessons from Asia. Emerging Asian economies have gone through multiple crises; however, this has not prevented them from achieving annual GDP growth rates ranging from 6% to 7%.
- Keynote speaker, Dr Yuwa Hedrick-Wong, stated that the narrow focus globally on monetary policies and financial markets has become increasingly misleading. A wider perspective of the global economic outlook includes incorporating the profit cycle as the prime force of economic growth.
- In his keynote presentation, Manu Bhaskaran explained that resilience should be embedded in the architecture of any economy in order to reduce the adverse consequences that any shock may bring.
- The panel and audience discussion focused on what lessons South Africa can learn from the Asian countries that were pushed to the brink of economic collapse during the 1997 Asian financial crisis.
How can Deloitte help
Contact us to expand on the discussions above so we can work together to practically and pragmatically drive economic growth in South Africa.