South Africa, an economic giant in Africa, is struggling to stabilize a reeling economy after state-owned entities failed to deliver.
South Africa, an economic giant in Africa, is struggling to stabilize a reeling economy after state-owned entities failed to deliver. By: Mohamed Kosow Salat The South African economy is on the verge of collapse as unemployment rises, the tax base stagnates and more people depend on the state for their survival. The country has an abundance of natural resources and seems that corruption, nepotism, and favoritism have marred the state infrastructure and plunged the country's economy to its knees. However, ecomomists have warned about the weak SA Rand and the bailout of Eskom and SAA could drain the country. Eunomix CEO Claude Baissac noted that relative to the size of the economy, the country has a rapidly growing population. Meanwhile, employment had remained flat and the number of people in need of social benefits was on the rise. South Africa's economic growth is expected to slow to 1.9% in 2022, according to Finance Minister Enoch Godongwana. Addressing MPs, Godongwana sa...