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Ntswe Mokoena
Gill Marcus - Governor of the South African Reserve Bank.
The Japanese earthquake and resulting tsunami are going to take a toll not just on that country but on the rest of the world, according to SA Reserve Bank (SARB) governor Gill Marcus on Tuesday.
Marcus was speaking at a Business Unity SA and World Bank gender economic empowerment workshop in Johannesburg.
“[The] reconstruction of Japan is going to be an enormous task,” Marcus said.
On the global economy, Marcus said that, while the global recession was over, economies were “not [yet] out of the crisis”.
“Economic recovery does continue and there are positive signs, but the risks remain and they are big risks,” she said.
Threats identified included rising global food and oil prices, which would also have an effect on local inflation, Marcus said, but on a minimum level.
“There are rising threats to inflation,” Marcus said, adding, however, that the SARB still saw local inflation remaining within target band of 3%-6%.
The strength of the domestic exchange rate, as well as rising global food and oil prices would be considered by the bank's Monetary Policy Committee (MPC) at its interest rate meeting next week, Marcus noted.
“Upside risks have certainly increased and this will be considered,” Marcus said.
Marcus said SA's debt to GDP ratio was expected to peak at 43%. - I-Net Bridge
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Elaine Hendricks, wrote
the global economic recession is over according to the governor and I'm wondering for who is it over? probably for the rich.
Orca, wrote
By jove, another very profound utterance by one of our esteemed leaders. My six year old could have told you that this disaster will affect the rest of the world.
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