Pretoria - Emerging economies are the engine of world growth with the African continent optimistic about its future, Finance Minister Pravin Gordhan said.
"The global economy's centre of gravity has shifted significantly towards emerging economies," Gordhan told delegates at the World Economic History Congress (WEHC) in Stellenbosch on Monday.
Gordhan said that developed countries will be facing debt and financial crises for some time to come.
"By contrast, the emerging economies have become the new engines of economic growth," he said, referring to developing countries like Brazil and China having shown resilience in the face of the global financial crisis.
The global financial crisis in 2008 has raised many questions about the sustainability of the present path of growth and development, said Gordhan.
The minister added that many African countries were in better shape due to improved economic management. However, he added that there were problems like widespread inequality and an increasing gap between the elite and ordinary citizens.
"Africa is very optimistic about its future. Sub-Saharan Africa is growing rapidly, and the continent is on the cusp of a major multi-dimensional transformation. We need to ask what countries like South Africa can do to achieve more inclusive and rapid economic participation and development," Gordhan said.
