Between 2019 and 2020 SA relative GDP per capita when compared to the world average dropped by the biggest margin since 1994. South Africans now have just under 71% of the income that average person living in the world updated data show. 
Yes, this is a train smash. South Africans are now firmly in the poor half as the GDP per capita ranking is now 107th out of 191 available with recent data. We are firmly on the way to the bottom third. Just another sad story....
Even if we grow again it will take decades to get back to the world average. World average per capita income grew by 68% since 1990 and SA did increase by 11%. Emerging markets grew far quicker.
If we do the same as we did in the last 30 years, our country will not be inside the top 125 countries on the planet. Sri Lanka has already overtaken SA. India should by 2035 and Bangladesh by 2040 or so.
In effect, South Africans are now in the poorest 40% of the World population. By 2040 it seems like the poorest 20%. We are now poorer than Mongolians but richer than the person from Fiji.
An interesting fact is that Peru fell harder than SA due to Covid as Fiji. Those 2 countries along with Indonesia should surpass our income per capita this year or next year. Vietnam grew and will surpass SA income within this decade still.
Another fact is that as the world population grows at about 1% and the SA population grows at around 1,5%. If the SA economy grew by 6% and the world continues by 4% then it will take SA 25 years to catch up to the world average.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
