South Africa is the largest economy in Africa. While much of the world staggered in the wake of the recent global financial meltdown, South Africa has managed to stay on its feet – largely due to its prudent fiscal and monetary policies.
The country has a well-capitalised banking system, abundant natural resources and well-developed regulatory systems, as well as research and development capabilities, and an established manufacturing base.
South Africa’s economy has a marked duality, with a sophisticated financial and industrial base, having grown alongside an underdeveloped informal economy. In its 2012/13 Global Competitiveness Report, the World Economic Forum ranked South Africa second in the world for the accountability of its private institutions, and third for its financial market development. Its securities exchange is ranked among the top 20 in the world in terms of size.
