Pravin Gordhan named Finance Minister of the Year

October 15, 2013 — Leave a comment
Pravin Gordhan - Finance Minister of the Year 2013 (Mail & Guardian)

Pravin Gordhan – Finance Minister of the Year 2013 (Mail & Guardian)

Finance Minister Pravin Gordhan (former chairperson of the World Customs Organisation) has been named the Finance Minister of the Year for 2013 in sub-Saharan Africa by the Emerging Markets website, the finance ministry said on Sunday.

The website’s citation stated that Gordhan, appointed in 2009 at the height of the economic crisis, had been praised by analysts, the ministry said in a statement.

This was because South Africa especially was more exposed than other emerging markets to dangers stemming from the eventual pullback of quantitative easing by the US’s Federal Reserve.

Emerging Markets provides news, analysis and commentary on economic policy, international economics and global financial markets, with a special focus on emerging markets.

In his acceptance speech in Washington DC, where he has been attending the annual meetings of the World Bank and the International Monetary Fund, Gordhan thanked Emerging Markets for its recognition of South Africa and its economic team.

‘We are terrible managers’
“Minister Gordhan was critical of the sudden change in the narrative about emerging markets, which up until the second quarter of this year were praised for managing their economies very well,” the ministry said.

“[Emerging markets contributed] more than 50% to global economic growth and for lifting large numbers of people above the poverty line.”

Gordhan said: “Three months later, we are apparently fragile and we are terrible managers of our economies. We the emerging markets are here to stay.

“We live in an interconnected world, and more importantly, we live in an interdependent world. There is no decoupling from you, the advanced economies, and there is no decoupling from us, the emerging markets.” Source: Mail & Guardian/Sapa

Advertisements

No Comments

Be the first to start the conversation!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s