the potential output of the economy requires not only a concerted and coordinated effort from government, but also the support and buy - in of the private sector and labour if we were to succeed in improving the growth performance. it may even require a new social compact. in the past, infrastructure development in particular has been held back largely due to limited implementation capacity. this has resulted in bottlenecks in electricity generation, transport, and port infrastructure and south africa has therefore not benefited as much as other resource intensive emerging market economies from large terms of trade gains in recent years. this also discouraged investment in south africa ’ s natural resource industry, and has made it difficult in some instances to maintain export volume growth. policy certainty and investor confidence have proven to be essential prerequisites for the capital formation south africa requires for substantive export led growth. the new growth path sets the goal of creating 5 million new jobs by 2020 and to this end identifies the structural problems in the economy that need to be overcome as well as the key opportunities or job drivers in specific sectors and markets. one of the key jobs drivers is infrastructure development which provides the basis for higher growth, inclusivity and job creation. government has also established the presidential infrastructure coordinating commission ( picc ) to address the challenges of delivery through coordination, integration and accelerated implementation. a single common infrastructure plan will in future be centrally driven and monitored. the objective is also to develop a twenty - year planning framework beyond one administration to avoid the typical stop - start pattern of the past. the picc ’ s mandate is to ensure systematic selection, planning and monitoring of large projects. an infrastructure book that contains more than 645 infrastructure projects across the country has now been compiled by the picc. an infrastructure plan with identified strategic integrated projects has also been developed by the picc and adopted by cabinet and although this in itself will not address all the challenges, it forms an important part of the national development plan ’ s ( ndp ) proposals to increase employment and growth other key proposals of the ndp include improving the functioning of the labour market, supporting small business through better coordination of activities and improving the capacity of the state to effectively implement economic policy. although south africa has at times over the past 18 years, achieved significantly improved real economic growth outcomes, built democratic institutions, transformed the public service, extended basic services and stabilised the economy, too many people are still trapped in poverty and too few south africans have obtained employment over this period as growth has not been sufficiently inclusive

of canada implements policy through changes in the target overnight interest rate, which has a limited direct impact on saving, investment and spending decisions. far more important is the impact the bank ’ s actions have on the broader spectrum of market interest rates, domestic asset prices and the exchange rate. what matters to these asset prices, however, is not so much the current setting of the policy interest rate but, rather, its expected path over time. thus monetary policy affects the regulation fair disclosure was adopted by the u. s. securities and exchange commission in 2000 to address the problem of selective disclosure of information by publicly traded companies and other issuers. regulation fd provides that when an issuer discloses material non - public information to certain individuals or entities, the issuer must make full public disclosure of that information. j. l. rogers, d. j. skinner and a. van buskirk, “ earnings guidance and market uncertainty, ” journal of accounting and economics 48, no. 1 ( 2009 ) : 90 – 109. p. hsieh, t. koller and s. r. rajan, “ the misguided practice of earnings guidance, ” perspectives on corporate finance and strategy, the mckinsey quarterly, no. 19 ( spring 2006 ). s. chen, d. matsumoto and s. rajgopal, “ is silence golden? an empirical analysis of firms that stop giving quarterly earnings guidance, ” journal of accounting and economics 51 ( 2011 ) : 134 – 50. bis central bankers ’ speeches economy primarily through policy - rate expectations. 5 the more those expectations are aligned with the policy path necessary to achieve the policy objective, the higher the probability the policy objective will be achieved. 6 the bank of canada has become significantly more transparent. we now explain our decisions eight times a year and provide rich supplemental detail in our quarterly monetary policy report. 7 these communications are designed both to report the bank ’ s views on the forces at work on the canadian economy and to help households, firms and financial market participants understand how the bank will respond to those forces over time. the goal here is, in effect, to allow markets and the public to “ think along with us, ” not only promoting the appropriate formation of policy expectations given current information, but also allowing those expectations to evolve efficiently as new information is received. we would have an easy time communicating our “ reaction function ” if we followed a simple mechanical rule. life would indeed be easier if we could be