This was the view of Gill Marcus, deputy governor of the Reserve Bank when she spoke to members of Women in Action for Development at the Johannesburg Country Club last night.
She said following the September 11 attacks on the USA there was a sense of vulnerability and concern in the world and that security issues had become a priority. The event caused many to redefine how they saw themselves.
She said the volatility of the rand was less of an issue than the tussle between the dollar and the Euro.
"The US has been pulling the world economy for a long time - although it is losing a little ground now".
She pointed to the developed world with their mostly low inflation and interest rates and said, "We're in a world of low inflation with discussions around deflation. We look at the world and we don't look at ourselves".
She said South Africa was now well placed to take advantage of current global trading conditions. "We have had 44 months of continuous growth - that is the longest run since World War 2.
We have consistent, predictable policy".
Marcus said the main challenge was to have good corporate governance.
She cited the example of the Enron collapse, which caused a write-off of $24-billion and called for responsible ethics and standards.
"Unethical behaviour results in weak governance.
The moment you have reporting and disclosure you have an imperative (for good)".
She said South Africa now had a reputation for excellence and that we should be aware the world was watching us.
"A firm foundation has been laid - we can dare to dream".
However she warned there were hurdles to overcome such as high unemployment, HIV/Aids and the abuse of women. – Sapa.
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