• Inside Labour

    There are silver linings to dark global clouds, says Terry Bell.

  • Labour Wrap

    Terry Bell looks back over perhaps the most turbulent and taxing year in the past 20.

  • Putin and the rouble rout

    Russia is not the West and Putin may well survive unscathed, says Leopold Scholtz.

See More

Cabinet urges financial caution

Aug 11 2011 11:34 Sapa

Related Articles

Sarb: SA's growth prospects dim

India warns on nationalisation debate

SA ups foreign exchange reserves

Govt: SA won't be downgraded

SA reassures as fear grips markets

Strikes take toll on SA economy

Cape Town - The cabinet has urged South Africans and businesses to exercise caution and responsibility in the management of finances, in view of current world economic events.

“Cabinet would like to reassure South Africans on our financial austerity measures, especially in light of the plunge by global markets in the recent week,” spokesperson Jimmy Manyi told a media briefing following cabinet’s regular fortnightly meeting on Wednesday.

Even before the 2008 financial crisis, South Africa had taken the necessary measures to ensure the soundness and stability of its financial system and fiscal accounts, he said.

This had enabled the country to weather the crisis when it hit. As a result, South Africa was one of the first countries in the world to register positive growth post the recession.

Economic growth accelerated to over 3% and the growth forecast for this year was 3.4%, he said.

“South Africa is monitoring the current global situation together with other G20 countries and stands ready to take action should the need arise.”

While acknowledging that recent developments posed risks to global and domestic growth, it was too early to predict the effect of current events on confidence and growth.

The National Treasury will publish growth forecasts in October, when it releases the medium-term budget policy statement, Manyi said.

Finance Minister Pravin Gordhan is expected to expand on the issue later on Thursday morning.
g20  |  jimmy manyi  |  pravin gordhan  |  sa economy


Lastest Articles

Here is how to check your credit score and manage it Read More...
Top tips to save money over the festive period Read More...
These are the top 5 most fuel efficient cars in SA Read More...
What to consider when switching medical aid schemes

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...