Document: Budget Review 2011

Foreword by Lesetja Kganyago (Director-General: National Treasury) (extract)

"The world economy is recovering from “the great recession”, but the return to growth is both uneven and fragile. The two-speed recovery is marked by dynamic growth in emerging markets and an anaemic performance in developed countries. To counteract the effects of the recession, many countries deployed extraordinary fiscal and monetary policies to stimulate growth. These measures will have to be withdrawn carefully to prevent a relapse.

In South Africa, the economy is growing and has begun to create jobs, but it will be some time before we are able to replace the 1 million jobs lost during 2008-2009. As we set out on a New Growth Path for sustainable job creation, we have to rebuild our defences to ensure that we can withstand future crises."