Address by Lesetja Kganyago, Governor of the South African Reserve Bank at the Bureau for Economic Research, 22 October 2015
Last Modified Date:
2023-11-13, 12:01 PM
Speeches > Speeches by Governors
South Africa’s growth rate has been declining persistently since the post-crisis
rebound of 2011. The Bank’s 2015 forecast has GDP growth at 1,5 per cent, the
lowest level since 2009. We expect next year to be only slightly better, at 1,6 per
cent. These narrowly positive growth numbers are disappointing, not least
because they fall well below the 5,4 per cent growth described in the National
Development Plan as the rate necessary for meaningful progress against
unemployment and poverty.
I would like to talk to you today about this low growth problem – and about the
role of monetary policy.