BRAND South Africa is worried by the country’s declined performance in the 2017-2018 World Economic Forum Global Competitiveness Index (WEF GCI). South Africa now ranks 61 out of 137 economies assessed in the annual survey.
This is a regression of 14 positions from the 2016-2017 WEF GCI results.
Brand South Africa’s Chief Executive Officer, Dr Kingsley Makhubela, said according to this WEF report, South Africa’s declined competitiveness profile could be attributed to low gross domestic product growth forecasts at just 1 percent in 2017 and 1,2 percent in 2018.
This is attributed to persistently low international demand for its commodities.
“It is also concerning that the financial sector has been affected by uncertainty as can be seen in the dramatic drop in performance in this indicator, while historically low levels of business confidence have now clearly impacted on the competitiveness profile of the Nation Brand,” Makhubela said.
He noted decreasing competitiveness in institutions, macroeconomic environment, goods and market efficiency as well as financial market development.
“..meaning that both government and the private sector should take heed of the deteriorating competitiveness indicators.”
Makhubela said “all is not lost” however, as there were several lessons to take from the WEF report indicators.
“As an open and transparent democratic system, leaders and public officials have to work much harder on maintaining high ethical standards in their conduct especially as it pertains to the fight against corruption and wastefulness in the public sector.”
Brand South Africa is the official marketing agency of South Africa. – CAJ News