SA competiveness falls amid pressurised economy
South Africa’s ranking on the Switzerland-based Institute of Management Development’s (IMD’s) latest competitiveness survey has dropped from 50 in 2012 to 53 this year.
The World Competitiveness Yearbook (WCY) revealed that out of the 60 industrialised and emerging economies surveyed for the yearbook, South Africa had struggled “to create and maintain an environment that sustained the competitiveness of enterprises”.
IMD information partner Productivity South Africa executive manager for value chains competitiveness Sello Mosai said the results were a “reflection of how the economy has performed over the past year”.
Besides economic performance, the IMD analysed each country based on government and business efficiency, infrastructure, as well as measured a country’s ability to use its economic and human resources to increase its prosperity.
“It has been clear from all official figures that the challenge facing South Africa is a perpetual underperformance of gross domestic product [GDP], and the first-quarter figures speak to this generally weaker-than-expected trend,” he explained.
South Africa’s GDP growth was expected to increase by 2.7% during 2013, before rising to a rate of 3.5% in 2014.
The WCY reported that the US had secured the number-one competitiveness ranking this year, overtaking Hong Kong, which fell from the first position last year, to number three.
Switzerland ranked second, while Sweden came in fourth.
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