SA is between a rock and a hard place. It has been there before but this one has all the appearances of a looming iceberg. The economy is in the doldrums, GDP growth has been negative this last quarter and forecasts show that it is unlikely to exceed 1% in 2017. Confidence is low, business is not investing, the current account remains negative and unemployment has risen to more than 27%. Foreign direct investment fell $4bn to $1.8bn in 2015. It grew to $2.4bn in 2016 but that is cold comfort as it remains almost 70% below the 2013 inflow of $8.3bn. South African companies are investing more abroad and holding cash there. These facts indicate that there is a lack of confidence in the South African economy by both domestic and foreign investors. This is hardly surprising. While the country occupied the 11th position out of the top 25 rated countries in the AT Kearney FDI confidence index in 2012, it dropped to the 13th position in 2014. It was not included in the 2015 ranking at all b...

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