Extra Extra November December 2009

Cautious Hope

MoneyThis year, glum financial news followed glum financial news like pupils in a school detention queue. But the corner has been turned, say the country's top forecasters, and the future once again looks bright.

Not long ago, the credit crunch was being spoken about like an annoying relative who had moved in and had no intention of leaving. Then there was talk of 'green shoots', and corners being turned.

Recently, our own Finance minister has said SA might well emerge from the recession stronger than ever and a honcho at the central bank believes we could be out of the woods before the end of 2009.

We scoured the newswires to find a few quotes to get happy about:

Daniel Mminele, Central Bank Deputy Governor:

"Like in other parts of the world, there is uncertainty as to the strength of the recovery we are going to seeā€¦[but] based on the composite leading business indicator, which has been increasing for the last few months, we may emerge from recession later this year."

Etienne Le Roux, Chief Economist, RMB:

"The recession, after having hit its worst point in the first quarter, continued to moderate in the third quarter. A greater portion of sub-sectors show that confidence is either stabilising or rising, while detail from the BER survey results shows an improvement in business volumes, including an upturn in domestic and export sales volumes in the all-important manufacturing sector."

Pravin Gordhan, Finance Minister:

"There is this cautious hope ... it is going to be a long, hard road ahead of us but one that if we manage, as we have managed our fiscal and monetary situation well, we will ensure that South Africa ends up in a better place than it currently finds itself," he said.


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