The EFW compiles the latest data from 2019 and gives us insight into how we were positioned for the events of 2020 and 2021
In times of crisis — whatever that crisis might be — the survival and future options of a people depends on the economic position, institutional strength and cultural viability of that people. This is illustrated by the variety of private and public responses to the coronavirus pandemic that emerged in late-2019, and in the differing consequences experienced in each country through 2020 to the present.
If one country had an unemployment rate of over 30% and another had an unemployment rate of less than 5%, which one is more likely to have seen its people transforming their material and mental resources into the tools needed for future development? “Unemployment” means resources — all resources, not only labour — are not being used to their full potential. Those who survive are those who are either working or are dependent on the resources provided by those who are working.
The state of the world in 2019 thus set the stage for what was to follow and did itself reflect information as to how the various peoples of the world, and their governments, would respond to a perceived health threat. The development of the culture and people’s beliefs within a region is the deepest predictor of the political institutions and economic development in that region.
Though SA’s price inflation rate is higher than that of most major currencies, it is reasonably stable along a downward trend and earns an EFW rating for monetary policy much higher than that of other policy areas. In contrast, the EFW components for labour market regulation and business regulation exhibit some extremely low scores that shine a warning light on several direct causes of SA’s severe unemployment problems.
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