South Africa Remains the Most Competitive Economy in Sub-Saharan Africa

WEF

South Africa may have slipped in the World Economic Forum’s (WEF’s) global ranking system, but it still remains the most competitive economy in the region.

According to the WEF global competitiveness report, SA is ranked 52nd, down from 50th place in 2011, however, among the Brics economies, Brazil, Russia, India, China and South Africa, it is at third place.

Despite these winning results though, the WEF says that South Africa still needs to address some weaknesses if it wants to maintain its position or rise up in the ranks.

One such weakness pointed out was the labour market. According to the WEF report, SA fell 18 places to 113th in the labour market efficiency ranking.

They also found that while SA’s infrastructure is good by regional standards, it requires upgrading, and the poor security situation is the biggest obstacle to doing business in the country.

SA did fare well in certain areas though. Intellectual property protection, property rights, the accountability of its private institutions and goods market efficiency were all ranked in the top 30.

While SA and the other sub-Saharan countries are displaying a good economic outlook and the region has recovered rapidly from the global economic crisis, the WEF stated that the region is still lagging behind the rest of the world in terms of competitiveness and efforts need to be taken to push it forward.

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