There’s a lot of good news coming out of Africa. Eleven of the world’s 20 fastest-growing economies are African, and the continent’s overall gross domestic product growth is expected to outpace the global average this year and next.
Unfortunately, the good news doesn’t extend to South Africa, the continent’s most industrialized economy and its leading democracy. Growth is flat, and the country barely avoided a recession last year. Officially, nearly one-third of working-age South Africans are unemployed, but the real rate is likely higher. Crime is staggering. South Africa has the highest income inequality in the world. Its productivity is hampered by a nationwide electricity shortage leading to daily rolling blackouts. Last month, the country’s largest city, Johannesburg, was hit by an unprecedented water shortage partly because of crumbling infrastructure.
