South Africa’s economy is going to take another knock

South Africa’s decision to withdraw from the International Criminal Court (ICC) will bring on more troubles for the country’s economy.

Economist Mike Schussler said the impact on the economy will be “indirect and will take time to reflect”, reported Fin24.

Schussler said that if South Africa leaves by 2018, a downward adjustment in competitive rankings and transparency rankings will take place in 2019.

This may lead to other rankings declining over time.

One of the rankings where the country could fall is the World Economic Forum’s Global Competitive Index.

Currently, SA is ranked 47 out of 138. If South Africa drops out of the top 50, Schussler said more investors may ignore the country as a place to send their money.

“This is not good as, along with a credit downgrade and other political infighting issues, this may just see our ranking drop even more,” he said.

Justice Minister Michael Masutha said on Friday that a bill will be tabled in Parliament proposing the repeal of the Implementation of the Rome Statute of the International Criminal Court Act.

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South Africa’s economy is going to take another knock