World Bank Urges South Africa to Cut Labor, Investment Red Tape
ross domestic product in Africa’s most industrialized economy expanded by an average of less than 1% annually over the past decade.
Photographer: Michele Spatari/BloombergThis article is for subscribers only.
South Africa should end its “excessive” regulatory burden and revamp its Black-ownership laws to remove the “signs of paralysis” that plague its economy, the World Bank said.
Enabling these changes would take the country off what the Washington-based lender termed “the wrong growth trajectory,” where real output per capita in 2023 was less than in 2007, the unemployment rate is among the highest globally and inequalities persist, it said in a report released Friday.