Worries For South Africa’s Economy?
I do not even feign to be an economist, but many observers, including Finance Minister Trevor Manuel, worry that the country’s current account deficit represents a “major chink in [South Africa’s] armour.” The declining value of the rand and the tenuous state of global markets is also a concern, but as Manuel points out, probably wisely, “If I were concerned every time the market moves I would probably have been committed to an asylum a long time ago.”