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Economic and social decline of South Africa – the worst country not a war – RT Business News

A new study of think tanks Eunomix Business & Economics found that South Africa has endured the worst decline in countries without war in the last 12 years.

The report said that the country's performance on social, economic and governance measures has deteriorated more than any other country not involved in the international community or civil conflicts.

The index of security, governance, prosperity and welfare indicators showed that South Africa fell to 88th place among 318 countries last year, from 31st in 2006.

The ANC in South Africa is only needed in five years to destroy the economy and the state, "the economist warned.

The advisory firm headquartered in Johannesburg is expected to continue as South Africa is suffering nine years of corruption and worsening policy paralysis of former President Jacob Zuma.

Eunomix said his tenure as Cyril Ramaphosa, his successor on May 8, facing his first national election, could be limited by weakness in the economy.

"It is most likely to be president for a one-year term." Eunomix's head, Claude Baissac, quoted by Bloomberg as quoted. "He is starting in a very weak economy, the weakest president since Mandela, and he is also starting with a very weak hand in terms of politics."

Eunomix said that only countries with conflicts such as Mali, Ukraine and Venezuela have had worse times than South Africa in the last decade.

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According to think tanks, the greatest reason for a huge decline in the state is the unsustainable structure of the South African economy, where economic power is largely maintained by elites who have little political influence.

"Economic policy provides a narrow stake, resulting in insufficient and unfairly allocated growth." Populism, rather than developmentism, is a temptation to stir tug of war among groups of mutually untrustworthy people. "

Yunomics also said that Ramaphosa spent 14 months trying to get rid of corruption, resolve policy uncertainties, and promote state-owned enterprise reform, but his political weakness would hamper progress.

"South Africa's provincial performance peaked in 2007, and the economy and governance were the best that year. Since then, the province has experienced a steady decline in all key performance indicators."

"The development country project has failed, South Africa is a weak country that is currently expected to weaken" Yunomics said.

For more articles about economy and finance, visit the business section of RT.

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