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Hello I'm Kamal Santa Maria this is counting the cost on Al Jazeera you'll weekly look at the world of Business and Finance this week South Africa the powerhouse of the continent but is there enough to go around to create millions of jobs to justify its place amongst the BRICS nations also Lebanon stable right now but the chaos of Syria is just a short hop over the border and the effects are being felt up Franklin Lewis inside an automobile factory here in central Mexico where foreign investment continues to pour in despite ongoing drug-related violence hello there everyone if you are a regular CTC viewer, and we hope you are you might have noticed we've been pulling at a particular thread for the past few weeks and that is South Africa, so we've decided this week to just grab the whole thing and take a proper look at Africa's biggest and probably most influential economy timely because they had some good economic news there this week GDP figures out for the last three months of 2011 which showed the economy grew three-point-one percent which is higher than what was expected and actually Scimitar what's expected this year but in many respects South Africa is still a young nation only having shrugged off the apart eight years to decades ago as you can imagine there is plenty of work to do here are some of the caveats right now seven percent growth is what South Africa actually needs at least it needs that to come good on President Jacob Yuma's promised to create five million jobs by the year twenty-twenty and remember unemployment is still at an incredible rate of twenty-three point nine percent so just how the man in yellow there Jacob Yuma expects to find that needed growth well it's not really clear because there's not too much room for more government help in fact the projected deficit for next year is four point six percent of GDP and that could grow with any bad economic news and then there's all those massive infrastructure projects which have been announced they'll have the same effect the central bank already has interest rates very low despite inflation worries all iPad paints a picture of a country with high expectations but very little wiggle room when faced with say a further downturn in Europe which accounts for a third of manufactured exports right there was one person particularly well-placed to talk us through South Africa's economic position right now, and I'm pleased to say he's joining us from Pretoria probe on Gordon who is South Africa's finance minister we thank you for your time, and I'd like to start with mentioned it already that now magic figure or figures if you like five million jobs created by the year twenty-twenty at current growth rates that's probably not going to be doable so what is the plan because you know you're being very ambitious no we in South Africa have to be ambitious we have to be ambitious because we have a 300-year history which has deprived the majority black population in South Africa of equal...
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