10. Conclusion In the context of the current economic and social challenges and that of a small open economy integrated to the global marketplace, a commitment to a prudent macroeconomic framework is crucial. Prudent fiscal management over years assisted South Africa to ride the tide of the deep recession. It helped the country to continue with its expenditure plans and, in the process, to act in a counter-cyclical way. However, fiscal policy alone cannot be expected to successfully address South Africa's challenges. Whilst macroeconomic policy can go a long way in creating a favourable macro-economic environment, it is important that successful implementation of the micro-level programmes and projects generate tangible outcomes.