While we’re hoping for the brighter days to come, South Africa slumped in the 2016 Economic Freedom ranking of the world.
The latest survey offers no reason to hope for a lesser suffering. South Africa nosedived from its 93rd position in 2015, to 105th in 2016.
Among the 159 countries the 2016 report captured, you’ll find South Africa rocking the bottom at 105th position.
Free Market Foundation in conjunction with Canada’s Fraser Institute released the report which was compiled from the most recent comparable data to measure economic freedom.
Factors like the levels of personal choice, ability to enter markets, security of privately owned property and policies were analysed.
Commenting on the 2016 Economic Freedom ranking, Free Market Foundation’s director remarked that South Africa’s fall is tragic.
“South Africa has steadily lost ground on the EFW rankings,” Temba Nolutshungu lamented.
“It is tragic that a country ranked 42nd in the world in 2000, just outside the top 25% of countries in the world, should have fallen 63 places in the rankings in 15 years to a point where it now ranks in the bottom 35%.”
Hong Kong ranked top in the list followed by Singapore, New Zealand, Switzerland, Canada, Georgia, Ireland, Mauritius, and United Arab Emirates. Australia and the United Kingdom tied for 10th position.
The 10 lowest-ranked countries inclued: Iran, Algeria, Chad, Guinea, Angola, Central African Republic, Argentina, Republic of Congo, Libya and Venezuela.
Nolutshungu argued that studies have shown a significant correlation between economic freedom, economic growth and human welfare.
With that, he warned that a steady and dramatic decline in economic freedom in the country should not be taken lightly.
“It is time for government policy to start taking the country in the other direction, towards economic freedom, high growth, a high demand for labor, prosperity and justice for all,” Nolutshungu charged.