27/09/2017 07:08 SAST | Updated 27/09/2017 07:08 SAST

SA's Competitiveness Ranking Plummets

Crime, corruption and government instability cited as reasons for SA's WEF ranking.

China Stringer Network / Reuters

South Africa's global competitive ranking has fallen 14 places in the latest competitiveness index of the World Economic Forum (WEF), according to Business Day. And SA has fallen from number 1 to number 30 in the rankings of the quality of auditing and reporting standards, according to the report, published at midnight on Tuesday.

South Africa now sits at number 61 out of 137 countries.

The index is reportedly based partly on a survey of perceptions of global executives. Corruption, crime, theft and government instability were reportedly found to be the biggest problem areas when it came to doing business in South Africa.

This is the lowest ranking that South Africa has achieved since the WEF started using its current methodology in 2007 when its ranking was 44. In its latest report, the WEF described SA's economy as "nearly at a standstill".

While South Africa's decline was across the board, WEF spokesman Oliver Cann reportedly said three areas were the most prominent: SA's ranking for its institutions, its financial markets, and its goods market efficiency. Basic education scored 131 out of 137 countries.