President Ramaphosa welcomes South Africa's improved ranking on the World Economic Forum's (WEF) Global Competitiveness Report 2019
9 October 2019
President Cyril Ramaphosa has welcomed the findings of the World Economic Forum’s (WEF) annual Global Competitiveness Index that shows South Africa has climbed 7 places since 2018.
“That we have been able to improve our ranking so remarkably and within a relatively short period of time is a welcome sign that the structural reforms put in place to stimulate the economy and promote recovery are slowly but surely gaining traction,” President Ramaphosa said.
The report notes that the country has registered ‘remarkable progress’ with regards to institutional quality, such as in restored balance of powers across different state entities; enhanced administrative efficiency of the public sector, and corporate governance.
South Africa also achieved a score of 100 for its ‘well developed equity, insurance and credit markets,’ and ranked 19th globally as a financial hub. The report also scores the country highly for having ‘one of the most advanced transport infrastructures in the region’ (a ranking of 45th) and for market size (a ranking of 35th).