of the market. i am quite certain that the leadership of this community has already considered and explored this possibility for beneficiation as this might make a significant contribution to the economic and social development of phokeng and rustenburg. we have the opportunity through existing bursary and scholarship programmes to send some of our young people to study and understand all the technical issues around jewellery manufacturing. another challenge is the manufacture of catalytic converters. south africa has a welldeveloped car manufacturing capability with car plants in east london, port elizabeth, durban and nearby pretoria in rosslyn and silverton. it would seem that opportunities abound in the manufacture of catalytic converters. as the community explores many of the new frontiers of economic development, there will be many agenda items such as the challenge that might be posed by considering tasks such as these. one thing is for certain, there will always be many cars on the road which have catalytic converters! growing human capital and developing leadership are crucial. endowment with natural resources should spur even larger investment in expanding the talent pool. it is gratifying, therefore, to acknowledge that the royal bafokeng holdings, the entity responsible for the management and development of the commercial assets of the royal bafokeng community, has the following focus areas : health, education, entrepreneurship development, social development and sports development. speech by mr lee hsien loong, prime minister, at the singapore human capital summit opening, 29 september 2009, raffles city convention centre. embracing modernity in today ’ s globalised world all countries and communities are faced with the challenge of embracing change, new technologies and communications systems. some might try to resist change by keeping old traditions and continuing to do things in the same old way with the danger of being left behind and thus condemning their future generations to “ poverty, backwardness, ignorance and disease ”. today, we know that many great nations have made a deliberate choice to learn from others for survival. this quest to learn from others continues. it is fairly easy to obtain a green card in the united states of america if one has the skills that they need and which are in short supply globally. in sport this is so common to a point of nationhood being made a joke. all you have to ask is how many brazilian soccer players have been naturalised to play for national teams outside brazil. south africa has also exported many cricket and rugby players to many countries. despite the danger of overuse of non - citizens

to 1, 4 per cent in 2018. the uk growth forecast for 2017 was revised up by 0, 4 per cent in the latest weo update, to 1, 5 per cent. by all accounts, the deflation fears which once gripped the advanced world, apart from japan, seem to be abating. this is partly due to the increase in oil prices following the agreement among opec11 members and several other major producers to limit supply. emerging markets are set to accelerate from an estimated growth of 4, 1 per cent in 2016 to 4, 8 per cent in 2018. as the imf points out, this projection largely reflects a gradual normalization of conditions in a number of large economies that are currently experiencing macroeconomic strains. china is expected to grow by 6, 5 per cent in 2017, as a policy bias of easy fiscal policy and accommodative monetary policy is expected to remain in place. however, the rapid expansion of credit, combined with insufficient progress in addressing corporate debt, raises the risk of a sharper slowdown or a disruptive adjustment. india is forecast to grow by 7, 2 per cent in 2017, although this forecast was trimmed somewhat due to the government ’ s decision to demonetise almost 90 per cent of the currency in circulation. this move induced a temporary negative consumption shock owing to cash shortages and payment disruptions. both brazil and russia are expected to return to positive growth in 2017. so while the global economy is expected to turn the corner this year, there are a number of risks that warrant attention. these include the possible shift towards inward - looking policies, the continued threat of a potentially severe slowdown in china, greater protectionism, a sharper - than - expected tightening in global financial organization of the petroleum exporting countries conditions ( as monetary policy in advanced economies is expected to be less accommodative going forward ), and increased geopolitical tensions related to the rise of populism ; and brexit, amongst others. as much as a fiscal stimulus from advanced economies should be positive, the change to a less accommodative monetary policy stance in advanced economies, in particular the us, combined with a stronger us dollar, can have adverse consequences for emerging markets, including accelerating capital outflows and putting the rebound in emerging market economies in jeopardy. however, having said this, it is also true that emerging markets are more resilient than before as macroeconomic fundamentals have improved considerably and vu