Middle-income emerging markets

South Africa is one of the largest economies in the continent of Africa. It is a middle-income emerging market. Notably, this nation has a highly developed economy as well as advanced economic infrastructure that apart from making it one of the leading African economies, also make it home to 75 percent of the biggest African companies (Export Entreprises SA, 2021). The country boasts of its well-developed transport, energy, communications, financial, and legal sectors and a plentiful supply of natural resources. The South African government under the current President, Cyril Ramaphosa, has been doing its best to restore macroeconomic stability within the nation by investing in substantial policy improvements (Export Entreprises SA, 2021). However, despite these efforts, the countrys global competitiveness has decreased due to spending pressures, increasing public debt, and inefficient state-owned enterprises.
Additionally, just like the economies of other nations across the world, the economy of South Africa has also been hit by the ongoing COVID-19 recession. In 2020, this economy collapsed as a result of the coronavirus pandemic, reporting a growth balance of -8.0 percent (Export Entreprises SA, 2021). The restrictions on business activity and human movement in South Africa in 2020 led to a substantial decline in workplace activity and an increase in unemployment. Prior to the coronavirus pandemic, South Africa was already facing serious economic challenges with not just unemployment but also with inequality and poverty (PwC, 2021).
South Africas unemployment rate has continued to be the highest in the world. The COVID-19 pandemic has led to a significant increase in the rate of unemployment in this nation. For instance, in 2020, the countrys rate of unemployment increased exponentially to 37 percent up from 28.7 percent in 2019 (Export Entreprises SA, 2021). The unemployment rate in South Africa is expected to continue being high in the years to come. In particular, the International Monetary Fund estimates that this rate will continue being stable in both 2021 and 2022 at 36.5 percent and 37 percent respectively (Export Entreprises SA, 2021). The rates of unemployment have remained much higher among the black majority and young population in South Africa, further exacerbating poverty and inequality. The coronavirus pandemic has worsened several of the fundamental issues surrounding poverty, such as food insecurity and hunger, in South Africa and forecasts are at the moment estimating that this ongoing pandemic might push up to a million South Africans into poverty (Export Entreprises SA, 2021).
South Africas economic growth is anticipated to pick up in 2021. Specifically, the economy of South Africa is expected to experience positive growth in 2021 following the 2020 COVID-19 pandemic. As per the October 2020 forecast of the International Monetary Fund, this economy is expected to grow at 3 percent of the Gross Domestic Product and to stabilize at 1.5 percent in 2022 (Export Entreprises SA, 2021). According to PwC (2021), South Africa will experience a GDP growth of 3.4 percent in 2021.

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