Address by Mr Francois Groepe, Deputy Governor of the South African Reserve Bank (SARB), at the AHI conference on ‘The role of business in local government and local economic development’, George
Introduction
It is an honour and a great pleasure for me to speak at the AHI conference, not least since I firmly believe that small business plays a critical role in a thriving economy. When viewed through an evolutionary lens, small business can make two indispensable contributions to an economy. Firstly, it is an integral part in the renewal process that pervades and defines a market economy as it plays a crucial role in innovation that supports technological change and productivity growth. In the second instance, small business is an essential conduit whereby millions of people enter the economic and social mainstream of a society, and is particularly adapt at creating opportunities for women, immigrants and minority groups.
The domestic and global economy
Current economic conditions and trends to a large extent shape the environment within which business has to function. Allow me therefore to highlight a number of key developments that have a bearing on our business environment.
