As the World Economic Forum (WEF) yearly summit nears, South Africa has selected the team of Cabinet Ministers expected to update the world on the nation’s plans to foster economic growth.

The Ministry of Finance on Monday revealed that Communications Minister Yunus Carrim, Trade and Industry Minister Dr Rob Davies, Finance Minister Pravin Gordhan and Science and Technology Minister Derek Hanekom would be responsible for promoting economic growth under the auspices of the National Development Plan (NDP).

Minister in the Presidency responsible for National Planning Trevor Manuel, Water and Environmental Affairs Minister Edna Molewa and Economic Development Minister Ebrahim Patel would also attend the event in Davos, Switzerland, from January 22 to 25.

“As you engage the world, you will be able to say we know exactly where we want to be by 2030 and we are working very hard to get there as South Africans. We are busy factoring the NDP into the draft Medium-Term Strategic Framework that will be discussed by the Cabinet that will be appointed after elections in its first lekgotla. In a few months, the plan will have been mainstreamed in the work of every government department," President Jacob Zuma said in a statement.

To combat unemployment, poverty and inequality South Africa needed faster and more inclusive growth, amid a recovering global economy, and the NDP aimed to provide the platform for collaboration between business, government, labour and civil society to reduce the costs of living and doing business to improve consumer and business confidence, raise the levels of private investment and enable higher growth and employment.

“It prioritises measures to build a capable, effective State that delivers services to citizens while encouraging business investment and growth,” he added.

This comes as the World Bank's Global Economic Prospects report, released last week, noted the slower pace of growth in emerging market economies during 2014.

The bank forecast that growth in emerging markets would rise from 4.8% in 2013 to 5.3% this year, 5.5% in 2015 and 5.7% in 2016.

Despite the forecast pace of growth in emerging markets registering 2.2 percentage points below that achieved during 2003 to 2007, the slower pace was not “cause for concern”.

“… almost all of the difference in the pace of growth reflected a cooling off of the unsustainable turbocharged precrisis growth, with very little a result of an easing of growth potential in developing countries,” the World Bank said.

Even the slower pace of growth was a 60% improvement on the growth recorded during the 1980s and early 1990s.