An Assessment of the Investment Climate in South Africa by Vijaya Ramachandran, George Clarke, David E. Kaplan, James

By Vijaya Ramachandran, George Clarke, David E. Kaplan, James Habyarimana, Mike Ingram

So much elements of South Africa's funding climate―the location-specific components that form possibilities and incentives for corporations to speculate productively, create jobs, and grow―are favorable. nearly all of huge, registered companies think that the felony process is ready to defend their estate rights. Infrastructure is trustworthy. Tax charges are fairly low. the load of legislation is analogous to different middle-income countrries. Few enterprises pay bribes. And so much agencies have enough entry to credits. in lots of dimensions, South Africa has a very good funding climate.

Consistent with this, huge South African companies are very effective. exertions productiveness is much better than within the most efficient low-income nations in Sub-Saharan Africa and compares favorably with different middle-income international locations corresponding to Brazil, Lithuania, Malaysia, and Poland. And even though exertions productiveness in South Africa is somewhat below within the best towns in China, it really is over thrice larger than in China as a whole.

So, why hasn't South Africa been turning out to be speedier? As this identify explores, whereas the funding weather is mostly favorable, a few difficulties stay. organisations seem to be relatively interested by 4 parts: hassle hiring expert and expert employees, inflexible hard work laws, trade fee instability, and crime. utilizing rigorous statistical details on those and comparable issues, the ebook goals to aid coverage makers and personal area stakeholders in constructing reforms that would increase company functionality and development.

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Dollars 20,000 15,000 10,000 5,000 value added per worker Li th ua ni a Br az il Po la nd M al ay si a C hi na (a Sh ve en ra ge zh ) en H an ( C gz h in ho a u (C ) hi na ) Ke ny a Se ne ga l S Af out ric h a 0 value added per worker in garments Source: Investment Climate Surveys. Note: All values are medians for enterprises with available data. Value added is calculated by subtracting intermediate inputs and energy costs from sales from manufacturing. Workers include both permanent and temporary workers.

South Africa released statistics that revised GDP estimates in November 2004. 5 percent. Nominal GDP for 2003 is currently estimated at R1251 billion. Recent growth rate estimates were similarly revised upward. 4. The National Treasury estimates average real household income to have increased by 30 percent over the last decade (National Treasury 2005b). 5. 2 percent over the next few years (National Treasury 2005b). In recent statements, the Minister of Finance has suggested that much higher growth is possible—a figure of 6 percent has been mentioned.

Notes 1. The term investment climate, broadly defined, includes a country’s unique attributes or “geography” (climate, endowment of natural resources, distance 14 An Assessment of the Investment Climate in South Africa from important markets, and so on), as well as the state of its infrastructure, economic and social policies, institutions, and governance stability. This report uses a narrower definition that focuses on the endogenous determinants of investment—for example, “the policy, institutional, and behavioral environment, present and expected, that influences the returns, and risks, associated with investment” (Stern 2002b).

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