Crime hinders South Africa’s economic growth – World Bank report

According to a World Bank report, the impact of crime on South Africa's economic prospects is significant and far-reaching.South African Economic Update 14th edition, titled Safety first: The economic cost of crime in South Africa estimates that economic losses from crime amount to at least 10% of annual gross domestic product (GDP).

The World Bank report states: “South Africa has significant strengths that, when combined with well-designed and implemented policies, can effectively combat crime. and laws are sound and often consistent with international best practice; the private and business sectors are strong, and the country also engages effectively in international cooperation. A targeted approach is possible, taking into account human and financial resources, focusing on a number of indicators, and coordinated across various government agencies, private sector and civil society stakeholders. .”Even more effective”.

“Reducing the homicide rate, which has increased over the past decade and is among the highest in the world, could be a priority to improve perceptions of insecurity and boost confidence in South Africa. “Tackling the rise and exploiting the decline in police and judicial capacity to thrive and have a broader impact on economic activity could be another priority,” the report said.