Minister of Finance Pravin Gordhan
said the G20 meeting in Russia
Gordhan said the sessions will
decide whether we are going to throw the global into another recession or
whether we are able to get the kind of collective action that is required.
Gordhan said they need to find a way
of boosting growth in the big emerging market economies, and generally turn
around the fortunes of the world so that we can get more inclusive growth and
job creation.
He added that there have been discussions
going on for the past few days amongst officials representing each of the countries.
“There’s an understanding, which is
very important that when big economies do certain things, like quantitative using
which is putting in R85 billion dollars a month into the financial system of
the world and the United States,” added Gordhan.
He also said there are also both
good affects and negative affects on countries elsewhere in the world and for
the past few years there has been good money coming into most of the emerging
markets.
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