Manuel takes the long view

Trevor Manuel, South Africa's finance minister, has surprised many critics. This former anti-apartheid activist has opened trade barriers, removed exchange controls and supported privatization. But with money tight and all emerging markets under growing pressure, the targets in his Gear plan for market reforms with more equitable wealth distribution are under pressure. Sam Swiss talks to Manuel about Gear, interest rates and the cost of underpants.

Can the local banks hold on?

The world’s their oyster

Focus is the buzzword

Gear doesn’t seem to be working. Job creation and economic growth will be stagnant this year.

We are still in the wave of huge volatility some factors are outside the government’s immediate control, some are related to exogenous factors which affects planning. Timing luck is very important in the macroeconomic arena. For example, the US economy underwent 13 years of muddling through from the 1980s, but when it kicked in it did so solidly.

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