South Africa faces the grim prospect of massive economic decline unless urgent changes are made to its economic model and growth-friendly policies are implemented according to a column published by Business Day.
According to consultancy firm, Eunomix Business & Economics, SA needs to implement growth-friendly policies and reform its economic model or deal with a further descend on a global league of nations ranking system.
The firm claims the fall down the rankings is due to several contributing factors including, low growth investment prospects, an alarming uptick in unemployment statistics, and unabated corruption.
According to Eunomix, the firm is “confident” South Africa will rank 160th in security, 100th in prosperity, 160th in fragility and in the 50th position for governance.
Furthermore, Eunomix stated that the global coronavirus pandemic had exacerbated SA’s decline and that by the time the year 2030 rolls around, South Africa will have transformed into a “failed state”.