Member's Statement -
The Global Economic Storm
By Mr Narend Singh MP

National Assembly Cape Town: Thursday, 3 November 2011   


Honourable Speaker,


The most recent crisis in the eurozone could have far reaching ramifications including the total collapse of the Euro and a very possible resultant worldwide recession. Britain has already acknowledged as much when its Prime Minister recently said that there is a distinct possibility of another "global economic storm" brewing if recent eurozone events are not contained.


He went on to say, and I quote, "It is in our interest to help others confront that global storm". Our own Minister of Finance expressed similar sentiments when he stated that, "the impact of the eurozone crisis on the world economy is severe and an increasingly dominant concern for policy makers and that a global response is required". The Reserve Bank Governor took a more conservative approach stating that South Africa cannot play a role in assisting the eurozone out of its crisis.


Mr Speaker, either way South Africa must ensure a high state of readiness in respect of countering and containing a second possible and imminent global recession.


It is common cause that we are fast becoming an interdependent one world economy. We should therefore all be contributing to the stability of the system.


I thank you.


Mr Narend Singh MP
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