In this instalment of the Growth in Focus series, futurist and economist Bronwyn Williams speaks to Professor Adrian Saville, a professor in economics, finance and strategy at the Gordon Institute of Business Science (GIBS) and the Rotman School of Management.
Adrian also works with a consulting firm called Boundless World, which helps businesses determine how to grow and then designs business models tailored to their specific needs. It's no surprise, then, that Bronwyn and Adrian discuss South Africa's economic potential, including both the opportunities and the obstacles.
Is SA working on its Saville Six Pack?
Known as the Six-Factor Model (or the Saville Six Pack), Adrian’s research draws on 60 years of data from 160 countries, identifying the key factors that drive economic development and growth.
“When we set out on this work, we dropped all assumptions. And we had access to a magnificent big body of data, 160 countries, 60 years of data, 1 200-line items per country. And those line items range from everything like life expectancy, infant mortality, number of doctors and nurses per 1 000 population, all the way through to the strength of political institutions and income per person.”
The six pillars are:
"No country has become prosperous by building walls," Saville emphasised, stressing the importance of openness. Yet, South Africa’s "gap" lies in savings and investment. "We do not have a financial environment that is inclusive... Many argue you must be rich to save; this is nonsense. Every rich country was once poor."
Optimism amid challenges
Adrian’s optimism is rooted in the belief that South Africans themselves hold the key to unlocking the country’s full potential.
"I’m hard-pressed to find more exciting and purposeful places to be... Our country presents problems to fix, but also incredible opportunities."
Enabling more entrepreneurs to thrive is fundamental to unlocking South Africa's economic potential and addressing its persistent unemployment crisis. With youth unemployment exceeding 46%, fostering entrepreneurship offers a vital pathway to job creation, as small and medium enterprises already account for the majority of employment in the country. By strengthening business support networks, South Africa can unleash the innovative capacity of its citizens to develop solutions tailored to local challenges—from township enterprises addressing community needs to tech startups competing globally.
Elegant Cookware, a local business, is another example of society-first thinking. The company sells a bespoke range of cookware specifically designed for customers in rural areas with limited access to stores.
The Elegant Cookware team goes where the customers are and utilises Point of Sale terminals supported by Altron FinTech. These terminals offer compliant DebiCheck-validated debit order payments, protecting customers and simplifying Elegant Cookware’s cash flow management which allows them to grow sustainably.
Successful entrepreneurs like Siyanda Zindlani become role models in their communities, inspiring others and creating a multiplier effect that transforms economic participation from job-seeking to job-creating, ultimately building a more inclusive and dynamic economy that can sustainably lift millions out of poverty.
Saville stresses that growth must be "inclusive, transformative and sustainable."
"Growth is not about getting more of what you have, but creating a better future for all... South Africa has abundant opportunities if we design solutions fit for purpose."