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The Global Competitiveness Index

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The global competitiveness index is an annual guide compiled by the World Economic Forum that indicates the competitiveness of the nations of the world based on a weighted average of twelve pillars of competitiveness (Dictionary Central, 2016). This essay will discuss South Africa’s global competitiveness ranking, a discussion of the country’s poorest indicators of competitiveness, a critical discourse of the manner in which CFO’s can partake in improving the ranking of the aforementioned poorest indicators as well as with regards to corporate social responsibility in order to determine how CA’s can affect and are affected by the global competitiveness rankings. South Africa is an efficiency driven economy ranked 49th on the overall global …show more content…

The health and primary education pillar of competitiveness measures whether a nation has a healthy workforce and a high quantity of quality basic education systems (World Economic Forum, 2016). South African primary schools deliver primary education at high costs and poor quality which do not prepare the pupils for secondary school and leads to inefficiency of individual workers (African Economic Outlook, 2016). The child and maternal mortality rates of South Africa have increased since the 1990’s due to the impact of acquired immune deficiency disorder (AIDS) and hospitals in rural and impoverished areas are overcrowded and deliver inferior medical resources (SOS Childrens' Villages, 2016). These factors, coupled with high levels of malnutrition and poverty (SOS Childrens' Villages, 2016), attribute to the unproductivity of the workforce as a consequence of illness and poor health (World Economic Forum, 2016). Secondly, the macroeconomic environment pillar of competitiveness measures the economic stability, productivity and efficiency (World Economic Forum, 2016). The country continues to struggle with an unemployment rate ranking among the highest in the world as well as with elevated fiscal and current account deficits (Lipton, 2016). External …show more content…

Practices in South Africa which are currently responsible for strengthening the strongest indicator pillars is that of the implementation of IFRS. South Africa’s auditing and reporting standards are ranked 1st among 140 countries (World Economic Forum, 2016)- strengthening the chartered accountant profession and adding to the prestige of

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