2008-11-10 00:00

While South Africans may breathe a sigh of relief that responsible legislation and prudent management have made their financial institutions relatively safe amid global instability, the country cannot escape the effects of world recession. A resource-based economy will inevitably suffer from lowered production levels and declining demand.

But as a columnist in this paper recently pointed out, like other stressful circumstances economic depression can bring out the best in humanity. He provided examples of imaginative entrepreneurship that had been encouraged by financial hard times and fostered subsequent prosperity.

And this period will be a good opportunity to take a hard look at the meaning of development and related issues of socio-economic justice. It is also a chance to consider humankind’s relationship with its environment and ask searching questions about the use and conservation of resources. Real economic recovery will be signalled by sustainable lifestyles and a reduction in poverty.

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