South Africans must come up with a roadmap to mitigate the impact of the global economic contraction, KwaZulu-Natal economic development and tourism MEC Mike Mabuyakhulu said on Wednesday.

"Yesterday our worst fears were confirmed when it emerged that our economy is officially in recession. While many of us expected the economy to skid into negative growth territory in keeping with the economic trends, the magnitude of this economic contraction has shocked all of us," he told delegates at the eleventh annual African Renaissance Festival in Durban.

He said jobs were now at risk and everyone needed to compromise, in the interest of "our country and our economy", to prevent another Great Depression.

"It is not comforting to note that economists had predicted that the impact of this global contraction will be severest in the developing world.

"It therefore becomes the duty of all African countries to act collectively."

Given the interconnectedness of the world, the question that needed to be answered was: "What it is that can we collectively do to ensure that we reduce the impact of this economic turbulence on our African economies?"

He also questioned what effect this tectonic shift would have on South Africa.

The MEC said the continent relied heavily on foreign investment, which had been hardest hit by the global financial turmoil.

Mabuyakhulu urged delegates to look closely at these matters and come up with a roadmap, which took its cue from the African Union, to deal with the recession.

"While we forge ahead with our struggle to chart our own course as Africans and mould our destiny, we, at the same time (must) be able deal with the objective challenges of our time."