South Africa sliding down the WEF Competitiveness

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South Africa has just fallen down quite a severe ranking drop in terms of global competitiveness, now tumbling fourteen ranks in the World Economic Forum’s Competitiveness Index. Such a decline follows the country’s decline in institutional strength, and a weakening of their financial markets.

In terms of major world indices, and in the context of the scandalous KPMG controversy, more and more international clients are leaving the major auditing firm, South Africa has now begun slipping in its original high rank in the world economy, with the depletion of its auditing capabilities being a major concern.

Far from its Former Glory

South Africa is a country that used to be ranked a first class country in the World Economic Forum’s Competitiveness Index. It has now dropped all the way to 30th place according to rankings based around the standards of reporting and auditing.

South Africa now comes 61 out of a total of 137 countries in the world. The World Economic Forum’s Competitiveness Index, which is partly derived from a survey established by various global executives, have discovered the greatest issues eroding South Africa’s formerly sterling financial name to be a plethora of crime, theft, corruption issues, and instability in the government.

How Low can you Go?

South Africa has now dropped to third place within sub-Saharan Africa - and is now behind both Rwanda and Mauritius. India, one of the main emerging peers in the market, has now ranked at 40th place.

Political uncertainty is one of the biggest drivers of such lessening faith, according to on economist by the name of Roberto Crotty, a member of the World Economic Forum. Both local and international business leaders have begun losing interest in working with a country in such political shambles.

A Better Insight

One of the reasons for such a seemingly arbitrary increase in disillusionment stems from the World Economic Forum having greatly augmented its survey methodologies, meaning that a far more intimate and credible insight could now be achieved.

Such a heightened level of survey capabilities revealed far more worrisome crime and corruption statistics, revealing just how many companies had fallen victim to all manner of violent covert theft, as well as how much mismanagement and embezzlement was occurring on high levels of some of the biggest companies in the country.

Such a ranking comes as a parallel to the ranking South Africa received when the country was surveyed in 2007 by the World Economic Forum, which then used the same methodology. The country’s rank was at 44 then, however, which then resulted in a lowering to 52, followed by an eager climb back to 47 during 2016.

The World Economic Forum described South Africa in its report which was published last tuesday at midnight that revealed the alarming description of a country that is very close to reaching a complete halt in terms of economic process.

There is much troublesome information related to this issue that the individual can look into.

Latest Activity: Oct 13, 2017 at 4:15 AM

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