“We feel strongly about the need to open up the world markets in order to stimulate the recovery of the global economy,” he told a business meeting in France.
Zuma said change was inevitable in order to curtail the effects of the crisis and “realistically” attain a higher and more equitable growth.
“We believe that this current crisis should lead to a realisation that change is inevitable. Balanced growth is just as important as strong and sustainable growth.”
Addressing growth was not possible without first dealing with the root causes of imbalances in the global economy.
“To this end, we need stronger commitments from large deficit and surplus countries to do a number of things.”
These included strengthening the fiscal policy environment, maintaining appropriate monetary policies and refraining from protectionism.
Zuma said surplus countries should support investment in developing and low income countries.
This would contribute enormously to promoting development, poverty reduction and decent work.
“Populations in emerging economies and least developed countries will continue to be subjected to harmful and excessive economic volatility and risks until agreement on these often divisive issues is reached within the G20,” Zuma said.