Tag Archives: Economic growth
Economic growth: Latest News
Kurt Davis Jr., 2:33 pm AFKI Original
Investors are strategically betting on the upside in Francophone Africa due to strong economic growth rates and a stable CFA franc. Lusophone Africa also presents opportunity. Low assets prices have replaced the exorbitant numbers of the oil-and-gas heyday, particularly in Angola and Mozambique. Debt restructuring can restore some confidence in Mozambique’s economic system. Private investors are finding a government more willing to deal on better terms, and companies that are pricing assets at fairly digestible prices.
Dana Sanchez, 12:11 pm
Oil-importing African countries are showing an improved business environment as the continent endures its slowest growth in more than two decades. In contrast, countries that export commodities are under economic pressure due to low oil prices including three of Africa’s largest economies. Some countries that are doing better are predicted to grow at more than 6 percent. IMF predicts average growth will fall to 1.4 percent in 2016, less than half of 2015 growth.
Kevin Mwanza, 10:00 am
Ethiopia chose economic growth over the economic inclusion of its people, despite their persistent protests, and now it is paying the price through a state of emergency. After hundreds of deaths ignored by the international community and trampled upon by the government’s security forces, the next six-months are set to be key to the country. It will be a testing period for the nation to maintain investor confidence on the back of the Oromia protests.
Staff, 12:01 am
Ethiopia’s economy is expected to overtake Kenya’s this year, buoyed by massive government spending on infrastructure. The IMF estimates Ethiopia’s GDP will grow to $69.21 billion this year, narrowly edging out Kenya’s at $69.17 billion. Kenya is viewed as more democratic than Ethiopia, where authoritarian rule is marked by crackdowns on the press and its own citizens, such as the Oromo. Kenya also has a more open economy, while Ethiopia closes most sectors of its economy to foreign investors.
Staff, 2:15 am
Economic growth in sub-Saharan Africa is likely to slip to 1.6 percent this year, its lowest level in two decades, due to continuing woes in the continent’s largest economies South Africa and Nigeria, a World Bank report said on Thursday. Africa has been one of the world’s fastest growing regions over the past decade, but a commodities slump has hit its oil and mineral exporters hard, bringing growth down to 3 percent in 2015.
Dana Sanchez, 9:51 am
South Africa’s 17 percent sales decline in new auto sales in July is the biggest since 2009 at the height of the global economic recession. “Despite the rand’s recent strength, what we’re experiencing now are the after effects of the currency’s weakness in months prior,” a stakeholder said. Despite the overall decline, certain classes of vehicles have seen sales increase. Toyota and Volkswagen dominate passenger car sales in Namibia. Ford and Isuzu are also strong.
Dana Sanchez, 1:03 pm
Copper-rich Democratic Republic of Congo is vying with Zambia to be Africa’s top producer. A new hydropower facility that the DRC government is planning to build could help shape Africa this century. It is one of DRC’s strategies for providing the energy it needs to free its economy. These aren’t the largest or most developed countries in Africa. Some are plagued with corruption and inequality. All have fast-growing economies.
Kevin Mwanza, 8:02 am
Nigeria’s economy, Africa’s largest, shrunk for the first time in over 12 years as low global oil prices hurt revenue for the the West African nation and affected other key sectors including manufacturing, financials and real estate. The 0.36 percent growth contraction in the first three months of this year, compared to a 2.11 percent rise in the same period last year, has pushed the Nigerian economy closer to recession. The last time the country’s economy shrunk was in 2004.
Staff, 8:32 pm
Any recovery in Nigeria’s currency will have to be supported by higher crude oil prices, an analyst said — like close to $55 a barrel. Famed short seller James Chanos said he’s shorting South African assets, partly because of their exposure to Nigeria. Last week, Nigeria’s stock market rallied after the MSCI Frontier Markets Index decided to keep the country in the benchmark, after warning in April that Nigeria was at risk of being booted from the index. Still, the outlook for Africa’s largest economy remains grim.
Kevin Mwanza, 5:51 am
Nigeria’s President Muhammadu Buhari came back home end of last week after a five-day visit to China with a cheeky smile on his face and bag of goodies including a $6 billion loan, several infrastructure agreements and a currency swap deal. Buhari’s trip to the Asian nation had received it fair share of criticism from the opposition, who claimed his numerous foreign trip accompanied by huge delegations were only costing tax payers and yielding nothing in return.
- Real Estate