The Institute of Management Development (IMD) said on Monday that South Africa had failed to improve on its overall competitiveness, with low economic growth, unemployment and a steep public debt interest payments posing serious bottlenecks for the country’s growth.
In its latest World Competitiveness Yearbook (WCY), South Africa remained rooted at 53 out of the 63 countries surveyed by the IMD, the same position it held last year.
The WCY ranking is an annual report on the competitiveness of selected countries and is recognised internationally as the leading executive opinion survey of competitiveness between nations. It rates the ability of 63 industrialised and emerging economies to create and maintain an environment that sustains the competitiveness of enterprises.
Leroi Raputsoane, chief economist at Productivity SA, the information partner for the IMD in South Africa, said: “The concept of international competitiveness has gained importance in recent decades from the viewpoint of economic growth and development of nations, and as such, one of the key priorities of economic development policy in South Africa should be to foster the country’s productivity and competitiveness in domestic and international markets to attain improved welfare and prosperity for the citizens,” Raputsoane said.
South Africa’s counterparts in BRICS, Brazil, Russia, India and China, have shown slight improvements with India moving from 45 to 44, China showing a significant movement from 18 to 13, Brazil moving from 61 to 60 and Russia from 46 to 45.
– African News Agency (ANA)