This is exchanges at Goldman Sachs where people from our firm share their insights on developments

currently shaping markets, industries, and the global economy.

I'm Jake Stewart, Global Head of Corporate Communications here at the firm.

Since the end of apartheid in 1994, South Africa's economy has grown substantially in an average of roughly 3%.

This year, however, has been challenging as a variety of internal and external factors have hampered growth.

To discuss South Africa's current state and some of the key trends affecting the continent

more broadly, we're joined by Colin Coleman,

Goldman Sachs head of Investment Banking for Sub-Saharan Africa,

and the head of our office in South Africa itself.

Colin, welcome to the program.

Thanks for having me.

Colin, you've just released a report on South Africa's current economic position.

Tell us why you took on this project this

particular time and what came out of your research that was unexpected. We took it

on because clients are asking in the context of our growth rates in South

Africa dropping on a three-year

trajectory to around 1.6% relative to double that for the last 20 years,

whether we were slipping towards something more serious in terms of our fiscal balances.

So we studied, we did some stress testing of South Africa to financial crisis conditions

and discovered because of our deep financial market, our financial

market, our ability to absorb offshore selling, because of the deep liquid currency

and because of our low levels of foreign debt,

...