World Competitiveness: benchmarking South Africa against other countries

According to the World Economic Forum, in 2002 South Africa fared particularly poorly in terms of its international competitiveness. The competitiveness position of a country is determined according to 290 criteria of hard data as well as a survey is given a weighting of one-third in the final result.

In 2007 South Africa occupied the 34th position on a list of 75 countries.

The United States of America, Singapore, China Hong Kong are rated among the highest, and Zimbabwe, Nigeria and Nicaragua the lowest. The report looks at performance in three broad areas: technology, public transport and macroeconomic environment.

Some of the strengths related to the market were the following:
• the extent of incentive compensation ;
• company spending on research and development;
• judicial independence, and
• social transfer recipients.
Some notable competitive disadvantages are:
• tertiary enrolment;
• inflation;
• cooperation in labour-employment relations;
• availability of scientists and engineers;
• quality of public schools;
• skills outflow or “ brain drain”;
• unemployment rate;
• hiring and firing practices;
• pay and productivity;
• employment rules, and
• union contributions to productivity .

Globalisation is the integration of business activities across geographical and organizational boundaries. It is the freedom to conceive, design, buy, produce, distribute and sell products and services in a manner which offers maximum benefits to the firm without regard to the consequences for individual geographic locations or organizational units (Kirkbride, 2001:14).

Representative APR 391%. Average APR for this type of loans is 391%. Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

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