South African Finance Minister Pravin Gordhan said on Wednesday that the world has been suffering from an economic imbalance for years, and that South Africa would be pushing for a cure at the Group of 20 (G20) summit in Canada this weekend.

"The world has been suffering from an imbalance for years, where extreme consumption and demand existed on the one side, and very little consumption and production existed on the other side.

"We have a world where much of the foreign direct investment takes place in a very narrow zone, and the potential of certain continent's, such as the African continent which hosts more than a billion people has largely been ignored," Gordhan told reporters in Pretoria, ahead of the G20 summit.

He said that South Africa supported World Bank chief economist Justin Yifu Lin's view of creating a platform for multipolar growth where investment, job creation, poverty eradication and development must take place across the globe.

The World Bank stated in its latest ‘Global Economic Prospects 2010' report that developing economies were expected to grow between 5,7% and 6,2% each year from 2010 to 2012.

While high-income countries, however, were projected to grow by between 2,1% and 2,3% in 2010, which would not be enough to undo the 3,3% contraction in 2009, followed by between 1,9% and 2,4% growth in 2011.

Gordhan noted that South Africa needed to do things differently to promote sustainable growth into the future. "Currently, Europe is South Africa's biggest trading partner, while it is clear that emerging markets are now providing impetus for growth. We need to re-orientate our trading structures to take advantage of these new opportunities."

"It is important for South Africa to identify other nontraditional markets where in which we become more competitive, have more markets that we can reach out to and increase and create job opportunities in the country."

Gordhan pointed out that certain measures needed to be put into place to contribute to this drive, including a right balance between monetary and fiscal policy and certain micro economic reforms.

"We need to focus on our educational system, the way in which we incentivise and promote businesses in the country, enhancing prospects for exporters to reach out to new markets, and finding new niche areas where South Africa could build on its competitive strength and explore on what the world has to offer."

At the same time, the Minister noted that it was important to enhance fiscal spending in the country, but added that it should be done in a growth-friendly environment.

"The new energy and confidence that we have inspired in ourselves and the world in hosting the FIFA World Cup should be transferred to building a stronger and sustainable economy for South Africa.

"The World Cup has now brought South Africa, and Africa as a whole, to the fore and we should take hold of this opportunity at the G20 summit this week," he said.

South Africa is the only African-member country of the G20 coalition of developed and developing nations.

President Jacob Zuma, Gordhan and a contingent of senior officials will depart South Africa for Canada on Thursday, to attend the summit on Saturday and Sunday.

Zuma will deliver a keynote address to G20 business leaders on Thursday.

The G20 summit will be preceded by the Group of Eight summit, also hosted by Canada.