Macozoma's attempts to turn the parastatal around have been hampered by the recent reversal in SA's economic fortunes. He says SA was hurt by fundamentally unrelated events in other emerging markets, but the previous mood to globalise at all costs appears to be changing among global investors. Macozoma found a shift in thinking from previous years, chiefly among European delegations. It is a fairly significant departure from the earlier euphoria about globalisation. We can't live in a world where countries can be so affected by such flows.
Some countries suffer too much.
They sacrificed a lot to get into the world economy, only to find that their plans are ruined overnight by things over which they have no control. It is not appropriate. He says SA participants at the forum tried to emphasise that the country survived the turmoil because it had its fiscal and monetary policies in place. But there are issues that need to be addressed locally. We need to encourage savings.