SA now has the worst economy among the world's biggest countries
- South Africa is the weakest economy among the 44 nations tracked by the OECD.
- It is also the only one currently in recession.
- It could take another decade to get out of the current doldrums, one analyst reckons.
Among the world’s largest economies, South Africa is the only one currently struggling with a recession.
It is the weakest among the 44 biggest economies tracked by the Organisation for Economic Co-operation and Development (OECD), reports the analyst Dwaine van Vuuren in an article published on Sharenet.
The ever-widening gap between SA and both developed and emerging economies over the last five years is stark, says Van Vuuren.
Van Vuuren blames runaway
government debt as well as a “decade of widespread government
corruption and brazen state-capture estimated at a R100bn loss to the fiscus”.
Almost R60 billion in bailouts for state-owned enterprises (SOE) contributed, as did the "collapse of municipal finances" and maladministration at the SA Revenue Service, he adds.
"What took a decade to inflict on our beleaguered economy is likely going to take a decade to unwind."
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