South Africa’s global competitiveness has dropped one place – from 52 to 53 – in the latest report produced by the International Institute for Management Development.

The Institute cites a lack of sustainable and inclusive growth, high levels of structural unemployment and a lack of access to quality education as some of the reasons for the country’s continued poor performance in global competitiveness.

Despite poor performances on the economic indexes, the report notes that South Africa is ranked highly when it comes to the cost of living and effective personal income tax rates.