South Africa Tenders

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The economy of South Africa is the second largest in Africa and the most industrialized, technologically advanced, and diversified economy in Africa overall. South Africa is an upper-middle-income economy, one of only eight such countries in Africa. Although the natural resource extraction industry remains one of the largest in the country with an annual contribution to the GDP of US$13.5 billion, the economy of South Africa has diversified since the end of apartheid, particularly towards services. In 2019, the financial industry contributed US$41.4 billion to South Africa's GDP. In 2021, South Africa-based financial institutions managed more than US$1.41 trillion in assets. The total market capitalization of the Johannesburg Stock Exchange is US$1.28 trillion as of October 2021. The state-owned enterprises of South Africa play a significant role in the country's economy, with the government owning a share in around 700 SOEs involved in a wide array of important industries. In 2016, the top five challenges to doing business in the country were inefficient government bureaucracy, restrictive labour regulations, a shortage of skilled workers for some high-tech industries, political instability, and corruption. On the other hand, the country's banking sector was rated as a strongly positive feature of the economy.The nation is among the G20, and is the only African member of the group.