Economist warns that South Africa is too reliant on rich taxpayers who aren’t sticking around.
Eunomix chief economist Claude de Baissac has warned that South Africa is facing a growth collapse and that the country is too dependent on tax revenue from rich citizens – who are leaving in droves.
South Africa is suffering from high unemployment, slow economic growth, and a flight of skilled, high-net-worth individuals. Wealthy and middle-class South Africans are paying taxes for services like education and healthcare, which they do not receive from the state.
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