Summit TV

Finance Minister Trevor Manuel:

"The global economy grew by an average of 5% from 2003 to 2007. It was a period of robust expansion but also of widening international imbalances."

"In North America, severe turbulence in the housing market will continue to rock credit markets around the world and lower the near-term prospects for growth in the world's largest economy."

"China's economy, in contrast, continues to expand rapidly, growing by 10% in 2007 and an expected 9.5% in 2008, driven by booming exports and an investment to GDP ratio of 45%."

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