The Swans had started the season strongly with several impressive victories, but have struggled in recent weeks.
The Welsh outfit are currently 15th in the Premier League table with 14 points to their name, just four points above Bournemouth in 18th.
The pressure is on manager Garry Monk as a result of their poor form, but Merson believes that Swansea should stick with their manager.
“I think Garry Monk is a good manager and he should be kept there,” he told Soccer Saturday before Sunday's loss to Liverpool.
“They need good cup runs. They’ve got no right to stay up because they were good two years ago.
“This league is ruthless. If they stayed up in this day and age with the teams around now I think they’ve done well.”
The situation is certainly a dangerous one for the Swans, with four points not a huge gap from the relegation zone.
One area that has been a particular concern for them is goalscoring, with them current the fourth lowest scorers in the division, behind the likes of Sunderland and level with Newcastle United.
Key to turning that around will be improving the form of striker Bafetimbi Gomis, who had started the season on fire but has fallen away since then.
The Frenchman, as well as Andre Ayew and Gylfi Sigurdsson, are key to the side’s attacking play, and Monk will be hoping they can improve their form, and his side’s season, sooner rather than later.