South African companies are still struggling to recover from the 2008/9 global economic recession, Grant Thornton said on Monday, releasing its new Global Dynamism Index (GDI).

The index, which was developed by the audit and advisory firm’s economics intelligence unit, ranked 50 economies on 22 indicators of dynamism.

South Africa tied with Russia for 43rd place out of the 50 countries.

In the survey, five areas were defined as key drivers of an economy’s dynamism, including business operating environment, science and technology, labour and human capital, economics and growth, and the financing environment. Within these groups, there were 22 key data points that were analysed.

South Africa’s highest ranking of these attributes in the survey was in the economics and growth area, with an 18th position achievement overall, while the nation scored 21st position, joint with Hungary, for its financing environment.

South Africa was also 36th for science and technology, 39th for its business-operating environment and it was ranked second last, at 49th position for labour and human capital.

“Our GDI rankings mirror the recent World Economic Forum’s (WEF) 2012 to 2013 Global Competitive Index in which South Africa was ranked third overall for the country’s financial market development, an equally impressive ranking to that of economics and growth and its financing environment aspects highlighted in this GDI report,” said Grant Thornton South Africa national chairperson Deepak Nagar.

“In addition, South Africa’s poor labour and hiring capital score compares equally with the WEF’s rankings of the country at 113th for labour market efficiency (a drop of 18 places from last year), at 143rd for rigid hiring and firing practices, 140th for a lack of flexibility in wage determination by companies, and significant tensions in labour-employer relations where South Africa was ranked 144th out of 144 economies.”

More than 400 senior executives from a broad range of countries and industries were interviewed.