South Africa will be able to materially improve the lives of all South Africans and deliver on the promise of 1994 only if it is able to kick-start, and sustain, high levels of inclusive economic growth.
The organisation said that from 1994 to 2008, SA thrived with gross domestic product doubling to $287bn and the debt to GDP ratio almost halving to 27.8% while foreign direct investment grew 30-fold to $12bn and tax revenue grew by 550%. Among those was that the country was not sufficiently competitive to attract foreign investment. Some of the key factors which make the country uncompetitive include security and labour market flexibility.
It said the state must guide strategic initiatives and provide an enabling environment with policy certainty and consistency.