The OECD’s latest Economic Survey, backed by Treasury, leading economists, the RMB/BER Business Confidence Index and the recently released Kearney Global Economic Outlook, warns that failure to implement urgent structural reforms risks tipping South Africa into an entrenched economic stall.
South Africa’s economic growth is not just slowing – it’s stalling. The OECD’s 2025 Economic Survey is a mirror that few policymakers want to face, and reinforces much of the analysis of South Africa’s economic trajectory – and the answer is not good.
GDP per capita remains lower than it was in 2007. South Africa is the only G20 country whose investment rate has declined over the past decade. That’s not just a warning sign – it’s an indictment.
The RMB/BER Business Confidence Index, compiled by the Bureau for Economic Research, shows confidence remains below the 50-neutral mark across sectors, with manufacturers and retailers especially pessimistic about fixed investment prospects.
RMB Macroeconomist Keabetswe Mojapelo told Daily Maverick, “It’s not just interest rates – it’s policy unpredictability and grid instability weighing on business decisions”.
