President Jacob Zuma came out on the side of economic-policy stability at the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, arguing that "judicious management" of the country's finances had enabled South Africa to respond to its first recession of the post-1994 "democratic era" without placing undue strain on public borrowing requirements.

Speaking against the backdrop of considerable public discourse on the potential for a leftward shift in macroeconomic policy, which included a review of the mandate of the South African Reserve Bank and fresh questions over the Bank's continued independent ownership structure, Zuma emphasised the resilience of Africa's largest economy and its policies.

"We have not been spared the job losses, but we have put plans in place, working together as business, labour and government, to ensure that the recovery becomes faster and inclusive."

Sound macroeconomic policies, an effective regulatory environment, and sustained political and social stability, continued to make South Africa a candidate for even greater and faster economic growth, Zuma averred.

Such policies had enabled the county to "survive" the global economic crisis, from which it "is actually beginning to show signs of recovery".

"South Africa is truly ready for business," Zuma added, while noting that the country's transport, energy, telecommunications and social infrastructure were being upgraded and expanded.

No mention was made, however, about the security of supply challenges in the electricity environment, nor of the potential for a sharp rise in power prices - the country's State-owned power utility Eskom was had applied to increase its tariffs by 35% a year between 2010 and 2013.

Zuma also made no high-profile appeal for international support of Eskom's R400-billion capital expansion programme, which faced severe funding shortfalls, notwithstanding the likely tariff increases.

South Africa's fourth President since the advent of democracy also use the WEF platform to promote the 2010 FIFA World Cup, which would be hosted across nine South African cities from June 11, 2010, through to July 11, 2010.

"The tournament offers an opportunity for the world to see and experience Africa in a different way.

"It is an opportunity to tackle stereotypes and preconceptions about the continent, and explore new frontiers of interaction and cooperation. It is an important milestone in the regeneration of the continent," Zuma said.

He added that, during 2010, South Africa would also celebrate the 20th anniversary of the release from prison of Nelson Mandela, South Africa's first post-apartheid President, who was now also a revered international statesman.

"We have achieved a lot since that dramatic day of the 11th of February 1990. South Africa has performed admirably in the economic, political and social spheres.

This includes the political transition to a democratic state, the subsequent strengthening of South Africa's democratic institutions, as well as economic growth," Zuma said.