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The Economy and
Financial Sector in the Africa
Region
Economic data,
economic
information, and financial sector information about the Africa region and its financial systems and emerging
markets in the
context of globalisation.
Further reading on the
financial sector at the FSF Bookshop
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rates and currency
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Africa
Telegraph
- Weekly Africa
news brief - includes exchange rates
(PDF)
Economics Division
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Topical:
BRIC and Africa - South Africa: leading or lagging the BRICs’ thrust
in Africa?
The BRICs’ success in Africa has altered the
manner, means and urgency with which other partnerships with Africa
are being calculated and prioritised. To be sure, the BRICs shine a
light on South Africa’s relative position in Africa vis-à-vis the
BRICs and other more traditional commercial partners, considering that
South Africa – with an economy weighing-in at around USD270 billion
(bn), and accounting for 18% of Africa’s gross domestic product
(GDP) and 27% of Sub-Saharan Africa’s (SSA’s) GDP, is a powerful
player on the continent. An interesting question then, given South
Africa’s – sometimes necessary, sometimes naïve and sometimes
arrogant – leadership role on the continent owing to its historical
macroeconomic dominance and globally minded multinational
corporations, centres on how South Africa has participated in Africa’s
economic reconfiguration, and positioned itself to contribute to
Africa’s potential economic renaissance. It is to this question that
this paper turns, in essence interrogating how the inclusion of the
BRICs in Africa’s commercial space has presented challenges and
opportunities for South Africa. To this end, this paper will balance
this analysis on three broad discussions; namely, South Africa’s
role as Africa’s prime manufacturing base, South Africa’s trade
relations with Africa, ... more
[Standard
Bank] 0706
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| Entries
in this section have been grouped as follows:
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Institutions
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BIS
- African Central Banks |
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A
directory of the Websites of the central banks of Africa, provided by
the BIS:
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May
2010 |
Standard
Bank - Africa
Snapshot |
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Reference
guide on socio-economic and political indicators. |
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FinMark
Trust - FinMark
Trust |
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FinMark
Trust was created in March 2002 with initial funding
from the UK’s Department for International Development (DFID).
The mission of FinMark Trust is summarised in its slogan, “Making
Financial Markets Work for the Poor”. In pursuit of this objective,
FinMark Trust aims to promote and support policy and institutional
development towards the objective of increasing access to financial
services by the un- and under-banked of southern Africa (South Africa
and the SACU countries, Botswana, Lesotho, Swaziland and Namibia).
In 2002/3, FinMark Trust has a strong preference to support smaller,
narrowly defined projects, on which it is possible to assess progress
and outcome relatively quickly as a basis for possible further action,
rather than large, multi-year projects. |
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LiquidAfrica
- LiquidAfrica |
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LiquidAfrica's
mission is to provide easy access to investments in Africa. Their
vision is to leverage the power of the Internet to provide a secure
and reliable state-of-art online trading platform enabling brokers in
Africa to provide their clients with access to investment through the
Internet |
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Country specifics
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May
2010 |
Standard
Bank - Lesotho:
Annual Economic Outlook |
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Heading
for a recovery?
The global economy, SSA and South Africa are all expected to grow in
2010. These favourable contexts are expected to help Lesotho grow by
3% in 2010. There are several caveats to the positive growth outlook.
Falling SACU receipts are the main vulnerability as they inhibit the
government from continuing its counter-cyclical fiscal policy. The
rising budget deficit is cause for concern. There are risks to the
projections as a double-dip global recession cannot be ruled out. The
over-sized government wage bill at current levels is not sustainable,
but can serve as a temporary buffer against rising poverty levels in
times of economic hardship by boosting consumption expenditure. Labour
income from Basotho migrants working on South African mines is also
under pressure. The export-dependent country is also at the mercy of
external trade regimes and its clothing and textiles industry has
contracted despite the favourable trade agreement with the US’s Agoa.
The new agreement with the EU may help Lesotho expand its clothing and
textiles industry to its former status as the most important private
employer. However, the current fiscal and other problems experienced
in the EU do not bode well for increased trade with the region despite
the new agreement, but, in the longer term, economic benefits are
expected to materialise.
... more |
May
2010 |
Standard
Bank - Tanzania:
Annual Economic Outlook |
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Navigating
the way to continued growth
Tanzania’s very impressive growth path experienced what could be
called a minor setback as a result of global economic turmoil in 2009.
Growing at 7.1% in 2008, this African country was amongst the eight
fastest growing economies on the continent and among the top thirty
economies globally. Last year Tanzania was in the top twenty in terms
of GDP growth, with annual growth reaching an estimated 5.6%. The
growth of Ethiopia, Malawi, the Democratic Republic of Congo and
Uganda is expected to exceed that of Tanzania reaching as much as 10%
(in the case of Ethiopia). This year, 2010, promises to bring
continued growth, allowing it to maintain its position amongst the
fastest growing economies of the world. GDP growth is expected to
reach 5.9%, as both foreign and domestic private fixed investment
increase. Domestic investors are likely to benefit from greater credit
extension by the banking sector, which saw significant declines in
2009. Foreign direct investment is likely to concentrate on the
resources sector, which will have positive externalities as private
companies invest in supporting infrastructure. Increased global and
regional demand will assist in generating larger export growth in
2010, with imports also growing on the back of increased investment.
The trade deficit is, as a result, expected to grow. ... more |
May
2010 |
Standard
Bank - Angola:
Annual Economic Outlook |
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Rebalancing
the economy
Fiscal policy is expected to play the lead role within the package of
key economic reforms that the Angolan authorities are seeking to make
over the medium term. Following the tightening of fiscal policy in
2009, the government seeks fiscal consolidation in 2010, however
without compromising social spending and critical infrastructure
projects. The government plans to release a revised 2010 budget in
mid-2010 that will address the clearance of most of the current stock
of domestic arrears, which amount to US$4.5 billion. The revised
budget will also include plans to phase out Sonangol’s quasi-fiscal
activities and gradually reduce fuel subsidies. We expect these
expenditure-cutting measures and improvement in oil revenue to allow
for a small fiscal surplus of 0.5% of GDP in 2010. Stronger
international oil prices and an improvement in oil production are
expected to spur a rebound in economic activity and growth of 8.5% in
2010, following flat growth in 2009. An improvement in fiscal revenue
performance will enable the government to continue with its
reconstruction drive, which will be supported by a recovery in
investor confidence and revival of investment inflows. Angola’s
recent receipt of international credit ratings from Moody’s,
Standard & Poor’s, and Fitch Ratings, albeit four levels below
investment grade, are a prelude to the government’s plan to issue an
international bond in 2010 ... more |
May
2010 |
Standard
Bank - Swaziland:
Annual Economic Outlook |
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Weak
fundamentals hinder recovery
Although the global economy is expected to recover in 2010, the direct
impact on the Swazi economy is expected to be subdued, as the
preferential trade dispensations largely dominate export performance.
Domestic factors such as a high unemployment rate of 2, a shrinking
population and a high HIV and Aids prevalence rate (of over a quarter
of the adult population, the highest in the world) are expected to be
contributory factors to the low economic growth rate. Inflation has
fallen and the positive outlook will reduce pressure on interest
rates, which are expected to moderate. Monetary policy will be
accommodative to stimulate economic growth rather than combat
inflation. The exchange rate should weaken marginally over the next
three years, bringing some relief to the important export sector. By
itself, however, a weaker currency is not a substitute for improving
the overall productivity and efficiency in the economy. The drop in
SACU receipts remains the determining factor for the ballooning budget
deficit, which is beyond the control of the authorities. As with many
developed and developing countries, fiscal sustainability is a major
concern for the country. With a budget deficit on a par with Greece’s,
which is causing financial disruptions in the European Union and
elsewhere, pressure will be on the government to rein in government
spending. ... more |
April
2010 |
Standard
Bank - Ghana:
Annual Economic Outlook |
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The
eve of oil production
Ghana’s medium-term growth outlook looks very promising. In the near
term, the global economic recovery is expected to enable a pickup in
economic activity; however, it is the country’s evolution to oil
producer-status in 2011 that will spur its economic take-off. An
improvement in Ghanaian households’ consumption expenditure on the
back of a lower inflation environment and favourable harvest, and
stronger investment activity are expected to manifest in real GDP
growth of 5.8% in 2010, up from 4.7% in 2009. However, the expansion
of national output will be constrained by conservative government
consumption expenditure and a wider trade deficit. On the production
side, construction activity is projected to pick up, following its
decline in 2009, on the back of a recovery in investment flows. The
rebound in trade is expected to support stronger growth in the
transport and communication sector, which will partly manifest through
an increase in port activity. Good rains will support solid growth in
the agriculture sector, which has positive implications for the
manufacturing sector, particularly agro-processing. However, the tight
credit environment will hinder the recovery of the financial services
sector. The commencement of oil and gas production in 2011 and its
multiplier effect on the rest of the economy is projected to manifest
in double-digit growth. ... more |
April
2010 |
Standard
Bank - Namibia:
Annual Economic Outlook |
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Commodity
prices to the rescue?
Namibia did not escape the severe global economic downturn. However,
its sound banking system was not directly affected by the subprime
crisis, as Namibian banks were not holders of subprime-related
instruments. The impact of the downswing was felt indirectly through
the transmission mechanism of a slowing global economy, low effective
global demand and commodity prices falling to well below their 2008
peaks. The recovery anticipated over the next few years will be built
primarily on Namibia’s dynamic export sector, that is, on external
factors, rather than domestic demand factors, the internal factors,
although the latter will help boost growth in the long term.
Inflation has fallen to more acceptable levels and is expected to
remain relatively subdued over the forecast period. It is not,
however, expected to fall to within the upper limit of the de facto
3-6% target range, but to stay marginally above the upper limit.
Interest rates dropped in 2009 in line with South African trends.
Moreover, the central bank has persuaded commercial banks to narrow
the spread between the policy and prime rates to 425 basis points. ...
more |
April
2010 |
Standard
Bank - Malawi:
Annual Economic Outlook |
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Buoyant
growth expected to moderate marginally
The Malawian economy continued to grow at a fairly rapid, albeit
decelerating, pace in 2009. It is estimated that GDP growth averaged
7.6% over the year, after reaching 9.8% in 2008. Economic growth in
2010 will be determined by a sustained global economic recovery, which
underpins commodity prices and demand for Malawi’s export products;
growth in the agricultural sector; and the government’s management
of the foreign reserve position. Economic growth will remain strong,
but moderate relative to the high growth of the recent past. We expect
GDP growth in 2010 to meet the past six years’ average of 6.6%.
Annual inflation is expected to be higher in 2010 than the average of
8.4% in 2009, at 8.8%. This projection is largely based on the
expectation that maize prices, which have a considerable influence on
domestic prices, might be marginally higher than the prices a year
ago. In addition, a weaker exchange rate against the US dollar,
currently at MWK150.80/US$ against MWK140/US$ a year ago, will exert
upward pressure on prices of imported commodities, which will have a
pass-through effect on domestic inflation. Given the upward bias on
inflation, we expect the central bank to keep the interest rate at its
current level of 15%. ... more |
April
2010 |
Standard
Bank - Nigeria:
Annual Economic Outlook |
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Counter-cyclical
response to crisis shrinks balance in excess crude account
Nigeria’s resilience during the global crisis is largely attributed
to the modest recovery in the oil and gas sector following three years
of decline and the availability of a savings buffer, in the form of
the excess crude account, which is in essence a stabilisation fund for
excess revenue from crude oil sales. Although the account enabled the
government to smooth expenditure in 2009 when revenue collections
deteriorated, the rapid erosion of the balance during the year
indicates that the creation of a stabilisation fund is not a
sufficient condition for managing shocks to the economy. Prudent
management of the fund is necessary to ensure the longevity of the
fund.
A continued recovery in Nigeria’s oil and gas sector and an increase
in non-oil activity are expected to improve economic growth in 2010 to
6.6%, up from 6.2% in 2009. The high growth sectors of
telecommunications, construction, commerce and real estate, and a
recovery in the financial services sector are expected to strengthen
economic activity in 2010. On the expenditure front, fixed investment
is expected to increase on the back of the government’s ambitious
infrastructure drive and a recovery of risk appetite in the private
sector and amongst foreign investors. ... more |
March
2010 |
Standard
Bank - Zimbabwe:
Annual Economic Outlook |
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Wiping
the slate clean
Following the inauguration of the Unity Government on 16 February
2009, reforms implemented under its Short Term Economic Recovery
Programme (STERP) have led to substantial improvements in the
macro-economic environment. These measures include the adoption of a
multicurrency basket system, the liberalisation of the foreign
exchange market and prices, the abolishment of quasi-fiscal
activities, as well as the adoption of a cash budget. The most
impressive demonstration of the overnight changes that followed these
measures is the evaporation of hyperinflation; month-on-month
inflation fell to an average of -0.7% in 2009 from above 230 million
per cent y/y in July 2008.
The financial system has been able to resume its intermediation
activities, allowing for increasing levels of deposits in the banking
system. The availability of goods on domestic markets drastically
improved as price controls were removed from agricultural produce as
well as products of the manufacturing sector. The shops of Harare no
longer reflect the images of empty shelves and deserted stores that
circulated the world in the midst of the period of hyperinflation. The
major supermarkets are indeed fully stocked, with the presence of
locally produced goods slowly having increased in the course of 2009. ...
more |
March
2010 |
Standard
Bank - Botswana:
Annual Economic Outlook |
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The
diamond dilemma
The diamond industry suffered its greatest reversal of fortune in 2008
and 2009 since Botswana became independent in 1966. The severity of
the credit crunch, which turned into the “Great Recession”, can be
seen in Botswana’s quarterly real GDP growth figures. In the first
quarter of 2009, real GDP dropped by 18.8% compared to the same
quarter in 2008; whereas the mining and quarrying industry (mostly
diamond mining) fell by an astonishing 68.6% over the same period. In
the second quarter the economy grew by 1.3%, but the mining sector
contracted by 18.7%. In the third quarter the mining sector again
contracted, by 28.1%, causing the overall economy to contract by
3.1%.
The Botswana government will need to focus on economic as well as
social issues: to diversify the economy, to reduce poverty and
unemployment, and narrow the large income disparities. The recent
election has given the ruling party a strong mandate to implement
growth-orientated policies, even if these prove to be unpopular in the
short term, if they deliver diversification and economic growth in the
medium and long term. The large fiscal deficit is cause for concern,
but the government is committed, under NDP10, to deliver a balanced
budget by 2012/13. ... more |
March
2010 |
Standard
Bank - Kenya:
Annual Economic Outlook |
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Good
things come to those who wait
Kenya’s emergence from the slump of 2008 that was brought about by a
domestic political shock, a local drought and the unravelling of the
global financial crisis that manifested as a global economic recession
was not convincing in 2009, the prospects for 2010 are looking
brighter. Prospects are assisted by improved global demand for Kenya’s
(agricultural) export products as well as positive forecasts for
weather conditions in 2010. The long rains season that runs to
September are expected to match normal levels of precipitation.
Increased rains will allow for improvements in food security as well
as amplified production of hydropower. In the first half of 2010,
erratic short rains will, however, call for the need for continued
production of emergency thermal power that will in return further
raise the cost of doing business in light of higher oil prices in 2010
compared to the previous year.
Growth in 2010 is expected to increase to 3.9% on the back of improved
agricultural production (and related manufacturing output), higher
tourism arrivals and increased exports to advanced economies as well
as to the region. The government stimulus package will further elevate
growth and support household purchasing power in the beginning of 2010
as the execution of the public works programme manifests. ... more |
March
2010 |
Standard
Bank - DRC:
Annual Economic Outlook |
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A
debt-lite Congo
The externally driven Congolese economy is projected to emerge
stronger in 2010 and to grow by 5.6%, up from an estimated 2.7% in
2009, on the back of a revival in activity in the mining and
construction industry that will have ripple effects in the rest of the
economy; higher commodity prices; and the strong likelihood of the
country’s external debt being forgiven. The improvement in the
country’s foreign exchange position in 2009, owing to emergency
assistance from its development partners, and a lower external debt
stock will signal an improvement in the country’s ability to meet it
foreign financial obligations.
An emerging markets-led global recovery is expected to pull the DRC’s
external sector out of its slump in 2010. Stronger commodity prices
and an increase in mining output will improve foreign exchange
earnings and support a stable exchange rate. However, as the DRC’s
mining industry is dominated by foreign investors and is heavily
dependent on foreign service providers, an increase in economic
activity also implies a concurrent increase in investment income that
is repatriated and services’ expenses. As such, the current account
deficit is projected to increase in 2010 to 25.1% of GDP, from an
estimated 22.3%. ... more |
February
2010 |
Standard
Bank - Uganda:
Annual Economic Outlook |
|
Winner
of the Great Lakes
The economy of Uganda continues to benefit from prudent macroeconomic
policies, making it fairly resilient to exogenous shocks such as those
presented by the global financial crisis that led to the reversal of
capital flows. Uganda grew by a remarkable 7.1% in 2009, following
growth of on average 8% in the past five years. This makes Uganda the
fastest-growing economy in the region. Uganda has succeeded in
reducing poverty on a scale unprecedented in neighbouring Burundi,
Rwanda, Tanzania, DRC and Kenya. In addition, it has achieved a
diversified economy with a thriving services sector. Uganda is now
challenged to remain ahead of the pack by realising its ambitious
infrastructure plans that will, in turn, assist in improving the
performance of the manufacturing and agricultural sectors. While the
prospect of oil revenues is enthralling, the exploitation of this
resource will not in itself be the source of sustainable growth. It is
important to seek the development of industries that will provide
employment and income to the vast population that now survives on
small-scale agriculture. ... more |
February
2010 |
Standard
Bank - Zambia:
Annual Economic Outlook |
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Smooth
return to pre-crisis trend growth
Zambia’s economic activity is expected to pick up in 2010 on the
back of a resumption of production at mines that closed in early 2009,
strong public spending on infrastructure projects and a recovery in
private fixed investment. Real GDP growth is thus expected to
accelerate to 6.0% in 2010, from an estimated 5.3% in 2009. The
downside risk to this growth prognosis is a poor agricultural harvest
due to weather-related shocks.
The Bank of Zambia’s monetary policy stance will remain firm as
single-digit inflation is sought by the monetary authority. The
central bank plans to bring inflation down to 8% by year end. Our
expectation is of an average inflation rate of 8.3% in 2010, slowing
from 13.5% in 2009. A sharp increase in the international oil price
may thwart this low inflation outlook by fuelling an increase in the
utilities and transport price sub-indices. Interest rates are also
expected to decrease in 2010. Yields on Treasury bills will continue
to ease as global risk aversion subsides. The government’s decision
to retire domestic debt as it matures in 2010 will also support a
decline in interest rates. Lending rates are thus expected to take
their cue from falling yields. We expect the weighted lending base
rate to ease to an average of 19.7% in 2010, from 22.1% in 2009. ... more |
October
2009 |
Standard
Bank - Mauritius:
Mid-year Economic Outlook |
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Subdued,
albeit fairly resilient, economic growth
Economic growth in Mauritius is projected to decelerate to 2.6% in
2009, down from 5% in 2008, on the back of weak external demand for
textiles and tourism and the island’s reliance on through-trade and
transportation activities. On the back of signs of a pickup in
domestic economic activity and stronger performance through the second
quarter of 2009 as well as the expected recovery in external demand we
expect GDP growth to increase to 4.5% in 2010. Inflation is expected
to continue to soften to an average of 2.6% in 2009 on the back of low
oil and food import prices, lower mortgage interest rates and falling
communication costs, in addition to the softer economic conditions
through 2009. A recovery in commodity prices in 2010 is expected to
put upward pressure on fuel prices, which will translate into higher
transport and utilities costs. We forecast that the current-account
deficit, which is estimated to have risen to 10.6% of GDP in 2008,
mainly because of the larger trade deficit, will narrow to 8% on the
back of a narrowing trade balance. We expect lower demand for tourism,
textiles and offshore investment services to be offset by a slowdown
in import growth as well as lower commodity import prices,
specifically food and petroleum, which account for 43% of total
imports. ... more |
October
2009 |
Standard
Bank - Mozambique:
Mid-year Economic Outlook |
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Services’
sector is most vulnerable to global recession
Mozambique’s services sector has been the most affected by the
global economic downturn. In particular, the transport and
communications and hotels and restaurants sectors will continue to
underperform in 2009. The sectors that will support economic activity
are agriculture, owing to favourable rainfall, and mining. The
recovery of the electricity sector will enable a pickup of economic
activity in the manufacturing sector, following the slump in the
secondary sector in 2008. Overall, the Mozambican economy is expected
to grow at 5.6% in 2009, a slowdown from 6.8%, but significantly
stronger than the regional average projection of 1-2%.
A favourable food harvest and drop in the international price of oil
allowed for inflation to slow significantly in 2009. Overall and
non-food inflation is expected to average 3.4% and 0.9% respectively
in 2009, which is a regional low, down from 10.4% and 2.3% in 2008.
Evidently, the decline in food prices is the main disinflationary
pressure in 2009. The projected recovery of commodity prices in 2010
is expected to put some upward pressure on inflation. The upside risk
to inflation is a weak metical. Monetary policy is projected to remain
stable until the end of 2009 and the stance is expected to ease in the
latter half of 2010. ... more |
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September
2009
|
Standard
Bank - Lesotho: Mid-year Economic Outlook |
|
Storm
clouds accumulate
The global economy is expected to contract in 2009
with a weak recovery in 2010, according to the IMF. Lesotho’s open
economy is integrated with the regional and global economy and will
be affected by growth slowdowns, as demand for the country’s
exports (mostly clothing and diamonds) stagnate and export prices
are under pressure; and the demand for migrant labourers’ services
drop. Protectionism in main export markets is a threat to
international trade, an important source of global growth. In
addition, a fall in SACU revenues and lower clothing exports will
impact negatively on Lesotho’s fiscal stability as well as overall
economic growth. On the positive side, the completion of the
feasibility study for LHWP Phase II – for the construction of a
new dam and tunnel to transfer water to South Africa – is a
positive development. The project will boost the construction sector
as well as increase the country’s earnings from water royalties. ...
more |
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September
2009
|
Standard
Bank - Kenya: Mid-year Economic Outlook |
|
Economic
activity still subdued
Kenya has not convincingly emerged from the slump of
2008 that was brought about by a domestic political shock, a local
drought and the unravelling of the global financial crisis that
manifested as a global economic recession. Whereas the political
crisis was a temporal shock, the drought has been relatively
protracted owing to successive poor long rains and short rains
seasons in the period February to August 2008 and October to
December 2008 respectively. As such, low production from the country’s
largest sector, with strong linkages to the manufacturing sector;
weak external demand for its exports; and a credit squeeze are
dampening 2009’s growth prospects. Economic growth is thus
projected to show a moderate improvement to 2.7% in 2010, from 1.7%
in 2009.
Headline inflation will remain elevated until year-end because of
the approaching lean season for food supply, which implies prices
will climb in the last quarter of 2009 and counter low non-food
inflation. We expect headline inflation to be downwardly sticky in
the high teens at year end. Underlying inflation, which excludes
food, energy and transport prices, is expected to elude the below 5%
region until end-2009. Barring another poor agricultural season in
2010, inflation is projected to slow and return to the single digits
in mid-2010. ... more |
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August
2009
|
Standard
Bank - Malawi: Mid-year Economic Outlook |
|
Strong
economic performance, in a global context
Economic growth in Malawi is expected to slow to 6.8%
in 2009 from an estimated 7.9% in 2008. Despite being somewhat
insulated from the global financial turmoil, the country is bound to
feel some effects of the global economic slowdown, in the form of
weaker demand and lower earnings for Malawi’s main export
commodities, tea and tobacco, as well as a cutback in foreign
capital inflows. Nonetheless, the start of uranium output is
expected to support positive economic growth. In addition to the
uranium boost, the economy is enjoying robust growth in the
agricultural and service sectors such as telecommunications. We
expect the trade account deficit to narrow modestly to 15.5% of GDP
and the fiscal deficit to narrow from 3.6% of GDP in 2008 to 3% of
GDP in 2009. Economic policy will remain focused on boosting growth
through developing the agro-processing and mining sectors. ... more |
|
August
2009
|
Standard
Bank - Zambia: Mid-year Economic Outlook |
|
Real
economy outperforms external sector
Economic activity is projected to remain subdued in
the second half of 2009 owing to tepid external demand and a
slowdown in domestic spending. Economic growth is thus expected to
weaken to 3.9% in 2009, from an estimated 6% in 2008. Fixed
investment, which has exhibited strong growth in recent years,
particularly in the mining industry, will moderate in 2009 on the
back of the global credit squeeze and the collapse in commodity
prices. Retrenchments, particularly in the mining industry, and
elevated inflation are dampening household spending. The expansion
in copper production, largely due to output from a new mine coming
on stream, will partly offset the effect of a lower price, but will
not be sufficient to ensure that export revenue growth exceeds the
steady growth of the import bill. As such, the trade balance is
projected to revert to a deficit of 0.5% of GDP in 2009. By
implication, the current account deficit is projected to deteriorate
in 2009. Zambia’s external sector is more vulnerable to dynamics
in the copper industry than the real economy is because the metal
makes up 60-70% of exports, while the industry generates only 10% of
national output. It is for this reason that the impact of the
commodity slump has been less severe on the country’s production
than it has been on the current account and international reserves. ...
more |
|
August
2009
|
Standard
Bank - Ghana: Mid-year Economic Outlook |
|
Gold
and cocoa prices to the rescue
While Ghana has achieved significant gains in the macroeconomic and
social areas since the beginning of the decade, the past two years
were characterised by severe imbalances brought on by external shocks
that were compounded by expansionary domestic policies. Demand
pressures from a rising fiscal deficit combined with robust private
sector growth have led to increasing fiscal and external current
account deficits, downward pressure on the exchange rate and, in
combination with energy, fuel and food price shocks, and a pick-up in
inflation. In 2009, stronger than expected prices for Ghana’s export
commodities will help to support revenue inflows. Fiscal tightening
combined with exceptional budget support from the World Bank and IMF
funding will ease pressure on the fiscal balance. Already, Ghana’s
fiscal deficit showed some signs of moderation in the first half of
2009 and we expect that the pace of fiscal consolidation observed will
be carried into the subsequent quarters. As a result, we forecast a
deficit of 9% of GDP in 2009. Lower international prices for oil,
coupled with increased domestic food production and weaker demand for
consumption goods will see the import bill contract in 2009 while
steady export receipts sustain export growth. This will strengthen the
terms of trade and we therefore project the current account deficit to
narrow to around 15% of GDP, against 19.3% of GDP in 2008. ... more |
|
July
2009
|
Standard
Bank - Namibia: Mid-year Economic Outlook |
|
Higher
commodity prices key to growth
The global recession remains firmly
entrenched despite several economic indicators signalling that “green
shoots” are emerging. It is too early to be optimistic about global
growth and recovery prospects as several major economies are
struggling to normalise their housing, banking and financial, and
manufacturing sectors. New structural problems are emerging while the
established ones remain unresolved. Protectionism is a growing threat
as governments attempt to stimulate domestic economic activity and
raise domestic consumption without stimulating demand for imported
goods and services. The US and China can be mentioned in this regard.
Namibia will not escape the global economic downturn. However, metal
and mineral prices may have reached a floor and should help boost
export earnings and economic growth. Various adverse socio-economic
factors will put pressure on the government to maintain pro-poor
social spending. ... more |
|
July
2009
|
Standard
Bank - Angola: Mid-year Economic Outlook |
|
All
about oil
Angola faces a considerable macroeconomic challenge in the form of
lower oil revenue in 2009. The country's over-dependence on the oil
sector exposes it to downside risk from global oil price volatility
and the growth outlook depends heavily on the continuation of current
energy-demand trends, particularly in the US, China and Western
Europe. As a result, the economy is projected to grow by a tepid 2.0%
in 2009 compared to 15% in 2008. As oil exports constitute 90% of
total export revenue, depressed prices will translate into a sharp
decline in export revenue in 2009. As such, a deficit in the current
account of below 5.0% of GDP is projected in 2009 following five years
of surpluses. While the oil industry generates 75% of fiscal revenue,
the slump in the industry has translated into a significant slowdown
in revenue collections. Subdued government revenue is likely to delay
critical infrastructure development projects. Further postponement of
infrastructure construction implies that diversification of the
economy and exports, and the establishment of sustainable broad-based
growth will be deferred. Outside of the oil-sector, the high cost of
trade resulting from weak infrastructure will continue to hamper
domestic industry. ... more
|
|
July
2009
|
Standard
Bank - Botswana: Mid-year Economic Outlook |
|
Diversification
imperative
The global recession is beginning to increasingly resemble the Great
Depression of the 1930s. Global imbalances remain in place and the
important US housing sector has not returned to health. Also, the
battered US banking sector has not fully recovered, despite large
government bailout packages. New bubbles may be emerging as a
consequence of the explosion of US federal debt. A new oil price shock
could further derail a global recovery.
Botswana is not well positioned to weather a global recession on
account of its over-dependence on a single export commodity, diamonds.
However, its large holdings of foreign exchange reserves and
investment-grade ratings by Standard & Poor’s and Moody’s will
put it in a better position than other undiversified primary exporters
to survive the global recession. ... more
|
|
July
2009
|
Standard
Bank - Nigeria: Mid-year Economic Outlook |
|
Disruptions
to oil production counter price recovery
The adverse impact of a lower oil price on Nigeria’s real economy,
external sector and fiscal revenue has been augmented by the decline
in production due to attacks on oil installations by militant
elements. The country’s second-largest sector, oil and gas, is
projected to contract in 2009 owing to underproduction. Oil GDP is
thus projected to post a decline for a fourth consecutive year and
shrink by 3% in 2009. The non-oil sectors have not been unscathed by
developments in the oil industry, which have reduced bank deposits and
thus shrunk loanable funds. Non-oil GDP growth is expected to slow to
3.7% in 2009, from 7.5% in 2008. The Nigerian economy is thus
projected to grow by a tepid 2.5% in 2009, compared to 5.3% in 2008.
As oil exports constitute 90% of total export revenue, depressed
prices and below potential oil export volumes will translate into a
sharp decline in export revenue in 2009. As such, a deficit in the
current account of 7.5% of GDP is projected in 2009 following five
years of surpluses. As the oil industry generates 80% of fiscal
revenue, the slump in the industry has translated into a significant
slowdown in revenue collections. ... more
|
April
2009 |
Standard
Bank - Mauritius:
Annual Economic Outlook |
|
Steering
through tough times
Mauritius has been hit particularly hard by the current economic
downturn because of its reliance on trade, its position as an offshore
financial centre, and its reliance on the tourism industry. All three
sectors have taken a hit and are projected to contract through 2009.
On the back of much weaker external demand for textiles and tourism,
the island’s reliance on through-trade and transportation
activities, and lower-than-expected real estate development, economic
growth is projected to decelerate to 2% in 2009, down from 5.2% in
2008. Inflation is expected to continue to soften to an average of 4%
on the back of low oil prices and falling food import prices, in
addition to the prospects of softer economic conditions through 2009,
although this could be limited by the effects of the depreciation of
the rupee and the government’s fiscal stimulus plan. Falling
inflation will give the Bank of Mauritius scope to cut interest rates
and we are forecasting an accumulative 200 percentage point cut over
2009, bringing rates down to 4.75%. ... more |
Regional bodies and comment
|
January
2010
|
The SA Reserve Bank/IFC
- Proceedings of the SARB/IFC seminar on “Economic
and financial convergence en route to regional economic integration:
experience, prospects and statistical issues amidst global financial
turmoil” |
|
This publication covers the papers presented at
the SARB/IFC seminar titled “Economic and financial convergence en
route to regional economic integration: experience, prospects and
statistical issues amidst global financial turmoil” hosted in
Durban, South Africa on 14 August 2009.
The process of economic integration is not a new
one. Over the past few decades global economic integration –
through trade, factor movements, and exchange of useful knowledge
and technology – has generally exhibited a rising trend. This
process of economic integration has not always proceeded smoothly,
nor has it always benefited all whom it has affected. But, despite
occasional interruptions and setbacks such as the current
international financial turmoil, the firm commitment and drive
towards regional economic integration throughout the world is
undisputable. For a variety of reasons it makes sense for nations to
coordinate their economic policies because economic coordination can
generate benefits that are not possible otherwise. ...
more
|
March
2008
|
The SA Reserve Bank
- Financial
market developments in Africa: new challenges for central banks? |
|
In November 2007 the South African Reserve Bank,
in collaboration with the Bank for International Settlements, hosted
a discussion on the theme “Financial market developments in
Africa: new challenges for central banks?” ... The financial
sector plays a key role in the economic development of an economy.
Failure to develop the financial sector can place severe constraints
on growth prospects. ...
more
|
|
NEPAD
- New
Partnership for African Development |
|
NEPAD
is:
 | avision and programme of action for the
redevelopment of the African continent |
| a plan that has been conceived and developed by
African leaders |
| a comprehensive integrated development plan that
addresses key social, economic and political priorities in a
coherent and balanced manner |
| a commitment that African leaders are making to
African people and to the international community, to place Africa
on a path of sustainable growth |
| a commitment African leaders are making to
accelerate the integration of the African continent into the
global economy |
| fa ramework for a new partnership with the rest
of the world |
| a call to the rest of the world to partner Africa
in her own development on the basis of her own agenda and
programme of action |
The goals of NEPAD are: to promote accelerated
growth and sustainable development; to eradicate widespread and severe
poverty; and to halt the marginalisation of Africa in the
globalisation process.
|
|
March
2007
|
PricewaterhouseCoopers
- Initial
Perspectives on Strategic and Emerging Banking Issues in Key African
Markets |
|
After
developing and sponsoring nine surveys on banking in South Africa,
this is the first PricewaterhouseCoopers survey, which also covers
banking in the rest of Africa, being Egypt, Francophone West Africa (Sénégal
and Côte d’Ivoire), Kenya, Nigeria and South Africa. This survey
has been developed by PricewaterhouseCoopers and Dr Brian Metcalfe and
is based on those previously conducted in South Africa. ... more |
|
November
2006
|
Standard
Bank - Africa
Insight: Forum on China-Africa Cooperation Summit
(PDF) |
|
It
is undeniable that China has become a major player on the African
continent. With nearly US$1 trillion in reserves and a voracious
appetite for natural resources, the country has decided to spend some
of its billions of dollars in savings to secure access to the oil,
gas, copper, coal and other mineral riches that lie beneath the soil
of many African countries. Africa, in turn, looks at China as a source
of cheap loans and merchandise. |
|
August
2005
|
Standard
Bank - Capital
accumulation versus productivity: implications for NEPAD
(PDF) |
|
The
New Partnership for Africa’s Development (Nepad) is a vision for
eradicating poverty on the African continent and setting it on a high
and sustainable economic growth path. Prominent on the economic agenda
for Africa’s growth take-off is higher investment and increased
capital accumulation.
Inter alia the paper discusses productivity and its
relationship with technology, governance and policy, and link the
discussion to the Nepad vision. |
|
January
2005
|
The
Commission for Africa |
|
The
Commission for Africa (CFA) was launched by UK Prime Minister Tony
Blair in February 2004. The Prime Minister and the other members of
the Commission formally began their work at the first meeting of the
Commission on 4 May 2004. The Commission will meet on several
occasions before publishing its report and recommendations in spring
2005. There may be a final meeting of the Commission at the end of
2005, in order to help ensure effective follow-up.
The objectives of the Commission are:
| To generate new ideas and action for a strong and
prosperous Africa, using the 2005 British presidencies of the G8
and the European Union as a platform |
| To support the best of existing work on Africa,
in particular the New Partnership for African Development (NEPAD)
and the African Union, and help ensure this work achieves its
goals |
| To help deliver implementation of existing
international commitments towards Africa |
| To offer a fresh and positive perspective for
Africa and its diverse culture in the 21st century, which
challenges unfair perceptions and helps deliver changes
|
| To understand and help fulfil African aspirations
for the future by listening to Africans. |
|
|
August
2004
|
African
Development Bank |
|
The
African Development Bank Group is a multinational development bank
supported by 77 nations (member countries) from Africa, North and
South America, Europe and Asia. Headquartered in Abidjan, Cote d’
Ivoire, the Bank Group consists of three institutions: The African
Development Bank [ADB], The African Development Fund [ADF], The
Nigeria Trust Fund [NTF]. |
|
August
2004
|
Southern
Africa Development Bank (DBSA) |
|
The
DBSA seeks to be a leading change agent for socio-economic development
and economic integration in southern Africa, and a strategic
development partner to the wider African region south of the Sahara.
Established in 1983 the DBSA is one of five existing development
finance institutions in South Africa and has a mandate to accelerate
sustainable socio-economic development in the region by funding
physical, social and economic infrastructure. In doing so, the DBSA
endorses and promotes human resource development and institutional
capacity building. The DBSA finances and sponsors programmes and
projects formulated to address the social, economic and environmental
needs of the people of southern Africa in improving their quality of
life. The Bank adheres to the principles of sustainable development. |
|
August
2004
|
East
African Development Bank |
|
Kenya,
Tanzania and Uganda. To provide financial assistance for promotion of
development of the Member States, To give attention to economic
development in the region in such fields as industry, tourism,
agriculture, transport and telecommunications and similar or related
fields of development, To supplement the activities of the national
development of the Member States through joint financing operations,
technical assistance and the use of such agencies as channels for
financing specific projects, To cooperate with other public, private,
national or international institutions and organisations, which are
interested in the development of EADB Member States, To generally
promote the development of the region and undertake such other
services as may advance the objectives of the Bank. |
|
August
2004
|
La
Banque Ouest Africaine de Développement (BOAD),
West African
Development Bank |
|
La
Banque Ouest Africaine de Développement (BOAD) est l'institution
commune de financement du développement des Etats de l'Union
Economique et Monétaire Ouest Africaine (UEMOA). Elle est créée par
Traité signé le 14 novembre 1973. Les Etats membres de la BOAD sont
: le Bénin, le Burkina, la Côte d'Ivoire, la Guinée Bissau, le
Mali, le Niger, le Sénégal et le Togo. |
|
COMESA -
Common
Market for Eastern and Southern Africa (COMESA) |
|
COMESA began in
December 1994 when it was formed to replace the former Preferential
Trade Area (PTA) which had existed from the earlier days of 1981. Due
to COMESA's economic history and background its main focus is on the
formation of a large economic and trading unit that is capable of
overcoming some of the barriers that are faced by individual states.
COMESA's current strategy can thus be summed up as "economic
prosperity through regional integration". With its 20 member
states, population of over 385 million and annual import bill of
around US$32 billion COMESA forms a major market place for both
internal and external trading. |
|
SADC -
Southern
African Development Community (SADC) |
|
The
ultimate objective of SADC is to build a Region in which there will be
a high degree of harmonisation and rationalisation to enable the
pooling of resources to achieve collective self-reliance in order to
improve the living standards of the people of the region.
The need is to shift the focus of the organisation from co-ordination
of development projects to a more complex task of integrating the
economies of Member States. |
|
SADC Committee of Central Bank
Governors - SADC
Central Banks |
|
The SADC Finance
and Investment Sector, co-ordinated by South Africa, is divided into
two committees, namely the Committee of Treasury Officials (see below)
and the Committee of Central Bank Governors. These two committees work
independently from each other but with complementary activities,
concentrating on fiscal and monetary policy issues respectively.
The Committee of Central Bank Governors was established in August 1995
as part of the Finance and Investment Sector of SADC. Since its
inauguration the Committee of Governors has proposed several projects
designed to contribute to the process of regional economic
co-operation and integration.
|
|
The (SA) National Treasury - SADC Finance and Investment
Sector
|
|
The Finance and Investment Sector within
the Southern Africa Development Community (SADC) is the
responsibility of South Africa. A number of investors
regard SADC as a viable investment destination. Provided,
as a result of the economic summits held in 1997, 1998
and 1999, is information about the Sector, investment
opportunities, investment climate, regulatory framework,
the process of privatisation, and general macroeconomic
information about SADC and member states.
The 1999 Economic Summit was held in Durban, SA, in
July.
* NB This Website is no longer being updated - the function has been
transferred to the SADC Headquarters in Gaberone, Botswana. |
|
Southern
African Marketing - SADC
Trade, Industry and Investment Review |
|
Since its
inception in 1997, this publication has been promoting development of
the SADC Free Trade Area Protocol which was signed in 1996, opening
doors to trade, industry and investment opportunities in each SADC
member State in the Community. The political commitment and the work
of the SADC Trade Negotiating Forum has culminated in the launching of
the SADC Free Trade Area in Windhoek during August 2000. This edition
has also been marketing the achievements of the various SADC Sector
Coordinating Units and the valuable support provided by our
international cooperating partners towards SADC's regional economic
integration programmes and projects aimed at improving the quality of
lives of all the peoples in the region. |
|
October
2000
|
ABSA Bank -
Southern
African Development Community (SADC): An
Economic Profile |
 |
An analysis of the fourteen SADC
countries in terms of political, social and economic developments. The
analysis starts with SADC compared to the world, Sub-Saharan Africa
and some other major international trade blocs, based on a variety of
indicators. This is followed by a broad overview of the fourteen
member states of SADC, and developments on the political, social and
economic fronts. In conclusion, the natural resources and
environmental aspects of the countries comprising the Community are
analysed.
|
|
|
AACB
- Proceedings
of the Symposium of the Association of African Central Banks (AACB)
2001 |
|
Symposium
on Financial Institutions and the African Integration Process. In a
globalised economy, regionalism is seen as a strategy for fostering
sustainable economic development. Regional integration attempts to
solve a number of serious bottlenecks which impede countries from
benefiting from global trade. Tariff and non-tariff barriers, a narrow
industrial base, shortage of skilled manpower, poor infrastructure,
low volume of trade amongst countries and a chronic shortage of
foreign currencies are some of the impediments to cross-border trade.
Regional integration and cooperation, therefore, seek to promote
regional trade and economic integration through liberalisation
procedures (current and capital accounts) and harmonisation of
monetary and fiscal policies. |
|
September
2001
|
The SA Reserve Bank
- Conference
on Monetary Policy Frameworks in Africa |
|
The main
objective of the Conference on Monetary Policy Frameworks in Africa,
held in September 2001, was to develop a better understanding of how
monetary policy is currently applied in Africa. Presentations include
a keynote address from the Bank of International Settlements on the
"Conduct of Monetary Policy in Emerging countries", and
research papers from a total of fifteen African Central Banks on the
following aspects:
| How the monetary policy framework of each country
evolved over time |
| Each country's current monetary policy framework
|
| Each country's monetary policy instruments
|
| Each country's monetary policy operational
procedures |
The conference papers are available in PDF format
from the linked Web page.
|
|
December
2002
|
BIS - Payment systems in the Southern African Development Community |
|
The
"Green Book" covers the payment systems of the countries of
the Southern African Development Community (SADC). Recognising the
need for an efficient and secure financial infrastructure, the SADC
countries have set themselves the ambitious task of modernising their
existing payment and settlement systems, and to speed progress they
have chosen to adopt a cooperative, regional approach. |
|
|
African
Stock Exchanges Association - ASEA |
|
The
African Stock Exchanges Association (ASEA) was incorporated in 1993 in
the Republic of Kenya. The main aim of ASEA is to provide a formal
framework for the mutual cooperation of stock exchanges in the African
region through various processes encompassing the exchange of
information and assistance in the development of member exchanges. |
|
|
The
Macroeconomic and Financial Management Institute - MEFMI |
|
The
Macroeconomic and Financial Management Institute of Eastern and
Southern Africa (MEFMI) is a regionally owned institute with ten
members: Angola, Botswana, Lesotho, Malawi, Namibia, Swaziland,
Tanzania, Uganda, Zambia and Zimbabwe.
MEFMI strives to improve sustainable human and institutional capacity
in the critical areas of macroeconomics and financial management.
Delivery is through regional courses, seminars and workshops, and
through country missions in Debt and Reserves focusing on specific
capacity building needs |
|
|
International bodies
|
|
April
2010
|
IMF-World
Economic Outlook |
|
In
2010, world output is expected to rise by about 4¼ percent, following
a ½ percent contraction in 2009. Economies that are off to a strong
start are likely to remain in the lead, as growth in others is held
back by lasting damage to financial sectors and household balance
sheets. Activity remains dependent on highly accommodative
macroeconomic policies and is subject to downside risks, as fiscal
fragilities have come to the fore. In most advanced economies, fiscal
and monetary policies should maintain a supportive thrust in 2010 to
sustain growth and employment. But many of these economies also need
to urgently adopt credible mediumterm strategies to contain public
debt and later bring it down to more prudent levels. Financial sector
repair and reform are additional high-priority requirements. Many
emerging economies are again growing rapidly and a number have begun
to moderate their accommodative macroeconomic policies in the face of
high capital inflows. Given prospects for relatively weak growth in
the advanced economies, the challenge for emerging economies is to
absorb rising inflows and nurture domestic demand without triggering a
new boom-bust cycle.
... more
|
|
April
2010
|
IMF-Global
Financial Stability Report |
|
Risks
to global financial stability have eased as the economic recovery has
gained steam. But policies are needed to reduce sovereign
vulnerabilities, ensure a smooth deleveraging process, and complete
the regulatory agenda. The report examines systemic risk and the
redesign of financial regulation; the role of central counterparties
in making over-the-counter derivatives safer; and the effects of the
expansion of global liquidity on receiving economies. ... more |
|
September
2009
|
World
Bank -
World
Development Report 2010: Development and Climate Change |
|
Developing
countries can shift to lower-carbon paths while promoting development
and reducing poverty, but this depends on financial and technical
assistance from high-income countries, says World Development Report
2010: Development and Climate Change. High-income countries also need
to act quickly to reduce their carbon footprints and boost development
of alternative energy sources to help tackle climate change. If they
act now, a 'climate-smart' world is feasible, and the costs for
getting there will be high but still manageable. ... more |
|
September
2009
|
World
Bank IFC - Doing
Business around the World |
|
Since
2004 Doing Business has been tracking regulatory reforms aimed at
improving the ease of doing business. Despite the challenges presented
by the financial crisis, the number of reforms hit a record level this
year. Between June 2008 and May 2009, 287 reforms were recorded in 131
economies, 20% more than the year before. Reformers focused on making
it easier to start and operate a business, strengthening property
rights and improving the efficiency of commercial dispute resolution
and bankruptcy procedures.
Two regions were particularly active this year: Eastern Europe and
Central Asia and the Middle East and North Africa. In Eastern Europe
and Central Asia, 26 of the region’s 27 economies reformed business
regulation in at least one area covered by Doing Business. Governments
in the Middle East and North Africa are reforming at a similar rate,
with 17 of 19 reforming in 2008/09. In both cases, competition among
neighbors helped inspire widespread reform.
See an overview of the report Doing
Business in 2010: A record in business regulation reform
(PDF). Earlier reports are available at no charge. |
|
March
2009
|
UK
Trade & Investment -
Financing
Globalisation |
|
Despite
the impact of the credit crisis and accompanying recession, companies
in developed countries are still seeking to do business in emerging
economies and vice-versa. ...
Some of the trends emerging from this paper include:
| The global downturn has made the assessment of risk
in new ventures more complicated than ever. Companies expanding
overseas face the twin challenges of overcoming finance hurdles in
both their home countries and overseas. |
|
The emerging market economic crashes of the 1990s are still fresh in
many executives’ minds. However, banking systems in Asia in
particular, are considerably more robust today with debt at much lower
levels. Credit is even growing in some Asian countries – in contrast
with many developed economies. |
|
Capital markets are effectively closed to all but the largest
companies with the healthiest credit ratings. Blue-chip corporations
are able to raise capital in euros and dollars, but even then only at
wide spreads to government bonds. |
|
Concerns over economic weakness have led to high levels of currency
volatility in recent months. Any company transacting sizeable business
overseas needs to be aware of the dangers. By the same token, some
companies are benefiting from currency swings. |
|
Despite the increased macro-economic risks, the potential offered by
emerging markets is still well recognised. Many companies are no
longer content to merely outsource production to emerging economies,
but are looking to establish bases and sell to increasingly wealthy
local businesses and consumers. ... more |
|
May
2008
|
Commission
on Growth and Development - The
Growth Report: Strategies For Sustained Growth And Inclusive
Development
|
|
The
Commission on Growth and Development released its final report, which
looks at how developing countries can achieve fast sustained and
equitable growth. According to the Commission, fast sustained growth
is not a miracle; it is attainable for developing countries with the
"right mix of ingredients." Countries need leaders who are
committed to achieving growth and who can take advantage of
opportunities from the global economy. They also need to know about
the levels of incentives and public investments that are necessary for
private investment to take off and ensure the long-term
diversification of the economy and its integration in the global
economy. |
April
2008
|
World
Bank - Global
Monitor Report
|
|
A
new World Bank-IMF report warns that most countries will fall short on
the Millennium Development Goals (MDGs), a set of eight globally
agreed development goals with a due date of 2015. |
|
March
2008
|
World
Bank - Migration
and Remittances Factbook 2008
|
|
This
fact book provides a snapshot of migration and remittances for all
countries, regions and income groups of the world, compiled from
available data from various sources. |
|
January
2008
|
World
Bank - Global
Economic Prospects 2008: Managing the Next Wave of Globalization |
|
Over
the next 25 years developing countries will move to center stage in
the global economy. Global Economic Prospects 2008 analyzes the
opportunities - and stresses - this will create. While rich and poor
countries alike stand to benefit, the integration process will make
more acute stresses already apparent today - in income inequality, in
labor markets, and in the environment. |
|
January
2008
|
World
Bank - Global
Development Finance 2008: The Globalization of Corporate Finance in
Developing Countries |
|
Rapid
technological progress in developing countries has helped to raise
incomes and reduce the share of people living in absolute poverty from
29 percent in 1990 to 18 percent in 2004. Despite these gains, the
technology gap between rich and poor countries remains enormous, and
the capacity of developing economies to adopt new technology remains
weak. Developing countries must improve their capacity to absorb and
use technology. |
|
February
2008
|
United
Nations - World
Economic Situation and Prospects 2008 |
|
...
The outlook remains mostly positive for developing countries, but a
degree of moderation is also expected. Sustained high growth in China,
India and a few other major emerging economies seems to have
engendered synergy among developing countries so that growth in this
group is more endogenous. However, a large number of developing
countries remain highly vulnerable to the vicissitudes of commodity
prices and the volatility of international financial markets. |
|
March
2007
|
World
Bank - Making
Finance Work for Africa
|
|
The
World Bank publication, Making Finance Work for Africa takes a
panoramic view of Africa's financial systems, both at the large scale
("finance for growth") and the small scale ("finance
for all"). Things are changing for the better in African finance.
Credit growth is underway after a long pause, solid new intermediaries
are entering the marketplace, and the reach of microfinance is growing
steadily. Finance can be a leading sector transforming African
economies - by opening up business opportunities to a wider clientele
and by channeling larger resources more effectively. By providing a
key alternative to government patronage as a basis for entry into
business, a strong, independent financial system can transform the
environment for enterprise. In addition, finance can help the poor and
those in remote rural areas by providing small-scale payments,
savings, and risk reduction services.
Also available as a typescript Making finance work for
Africa (PDF). |
|
November
2006
|
World
Bank - Challenges
of African Growth: Opportunities, Constraints, and Strategic
Directions |
|
Boosting
economic growth in Sub-Saharan Africa is dependent, to a large extent,
on expanding infrastructure investments, improving the investment
climate, harnessing skills for innovation and building institutional
capacity across the continent. The Four Big “I”s, as the study
calls them, are among the most critical areas demanding action if
Africa is to make up for missing two decades of global growth or
replicate the growth models that have lifted millions of people out of
poverty in other regions of the developing world. |
|
May
2006
|
United
Nations UNAIDS - 2006
Report on the Global AIDS Epidemic |
|
According
to new data in the UNAIDS 2006 Report on the global AIDS epidemic the
AIDS epidemic appears to be slowing down globally, but new infections
are continuing to increase in certain regions and countries. The
report also shows that important progress has been made in country
AIDS responses, including increases in funding and access to
treatment, and decreases in HIV prevalence among young people in some
countries over the past five years. However AIDS remains an
exceptional threat. The response is diverse with some countries doing
well on treatment but poorly on HIV prevention efforts and vice-versa.
The report indicates that a number of significant challenges remain.
Among these are the need for improved planning, sustained leadership
and reliable long-term funding for the AIDS response. |
|
May
2006
|
OECD
- African
Economic Outlook 2005/2006 |
|
Economic
prospects improve in much of Africa, though transportation remains a
problem.
A summary of the report is provided. The actual, printed report is 588
pages. |
|
|
United
Nations - Integrated
Regional Information Networks (IRIN) |
|
Non-partisan
news and information provider.
When crisis or disaster hits a country, communications are often one
of the first casualties. Reliable sources dry up, government agencies
collapse, media images do not give the full picture. Without
constantly updated and accurate information on washed-out roads,
bombed airfields, landmines, disease-infested water, epidemics, or
civil unrest and outbreaks of violence, it is impossible to respond
effectively. People die and money and supplies are wasted.
Today, in sub-Saharan Africa the need for an accurate picture of
events on the ground is being met by the Integrated Regional
Information Networks (IRIN). |
|
March
2006
|
BIS
- General
Principles for International Remittance Services -
consultative report |
|
In
recent years a number of reports have been prepared by various
organisations on the topic of international remittances, a topic whose
importance is increasingly being recognised. However, few of these
reports have been devoted specifically to what can be called the
"payment system aspects" of remittances – in effect, the
practical realities of how the money is transferred. Understanding
these payment system aspects is crucial to understanding remittances
and to ensuring that remittance services are safe and efficient. |
|
World
Bank - More about The
World
Bank in Africa |
|
Provides the following information on sub-Saharan Africa:
| News |
| In the Region: Regional Brief; Annual Report; Regional Data
Profile; Publications & Presentations; Speeches
|
| Projects and Operations: |
| Topics and Sectors
|
| Regional initiatives |
|
|
UNCTAD
- Africa |
|
The Least Developed Countries (LDCs),
Land-locked Developing Countries (LLDCs) and Small Island Developing
States (SIDS) are recognized by the United Nations as categories that
face special problems and accordingly need special attention from the
international community. The Division helps these countries to derive
the greatest possible benefits from this recognition, in particular,
to make the most effective use of the special international support
measures that are extended to them with a view to reducing their
marginalization from the global economy.
|
|
September
2007
|
UNCTAD
- Economic Development in Africa
Reclaiming Policy Space: Domestic Resource Mobilization and Development
States |
|
One of the
most prominent objectives of the Millennium Development Goals is to
have member States halve their levels of absolute poverty by 2015.
But, Sub-Saharan Africa has been singled out as one region that is
unlikely to meet this target. One of the reasons for this is its
relatively low rate of economic growth
Earlier reports in the series are available.
|
|
May
2003
|
Bank
for International Settlements - South
Africa’s experience of regional currency areas and the use of
foreign currencies |
|
This
paper focuses on South Africa’s current and potential experience of
regional currency areas in the Common Monetary Area (CMA) [now
referred to as the Multilateral Monetary Area, MMA] and the Southern
African Development Community (SADC). There is no evidence that
foreign currency is being used in any meaningful way inside South
Africa.
Extracted from BIS Papers No 17, Regional
currency areas and the use of foreign currencies. |
|
|
Economic information
|
|
Updated
July
|
Standard
Bank Economics Division
- Regional country economic updates and exchange rates |
|
Selected
African Economic Indicators, May 2010
Africa
Forecasts, June 2010
|
February
2010 |
Rand
Merchant Bank - Africa
Quarterly: Getting back on track |
|
While
the global recession hit Africa as hard and as fast as in prior sharp
downturns, the impact was partly mitigated by better starting
positions (of higher forex reserves, improved current account balances
and healthier fiscal positions). Nevertheless, fiscal space in many of
the countries has been reduced, mainly due to the downturn in grants
and revenues (the latter for oil exporters in particular), but in some
instances more as a result of higher expenditure (such as in Botswana
and Namibia). Low income countries (such as Zambia) have shown more
stable budget deficit profiles, reflecting the limited access to
funding and consequent limited ability to loosen fiscal policy
aggressively. |
|
|
Rand
Merchant Bank - Vuka
Africa |
|
Vuka
Africa: A monthly publication looking at the economies, currencies and
financial markets of sub-Saharan Africa. |
|
June
2008
|
Standard
Bank - Africa
Hardcover: Regional fruits of Kenya’s infrastructure development |
|
The
aim of this report is to identify bottlenecks in critical economic
infrastructure in Kenya that if addressed appropriately could
facilitate an improved transformation of the country’s aggregate
primary endowment – land, labour, capital and entrepreneurial spirit
– into a larger bundle of output. Kenya was selected as the case
study in this paper because of its economic importance to the East
African region and significance as a regional node. ... more |
|
December
2007
|
Absa Bank - South
Africa's Foreign Trade: 2007 |
|
This
document gives detailed information on 99 categories of South Africa's
imports from and exports to most countries in the most recent year. A
broad overview of the balance of payments developments over the past
decade is also provided.
The SA Revenue Services provides the latest Preliminary
Trade Statistics. |
|
|
News and general information
|
|
____________________ |
|
Visit
Africa
Online
|
|
|
____________________ |
|
allAfrica.com -
News on regional currencies |
|
Provides news clippings
about regional currencies.
AllAfrica
Global Media is a leading provider of African news and information
worldwide, through news feeds to institutional and agency clients and
through allAfrica.com. They post more than 500 new stories daily from
over 80 African media organisations
|
|
|
MBendi
Information Services - Mbendi |
|
MBendi
Information Services is a privately owned Internet business publishing
and consulting company. Based in South Africa, the company uses the
Internet to reach an audience of millions while serving a
multinational client base.
The MBendi Website is Africa’s leading business Website. The site is
also one of the world’s leading mining, energy and international
trade websites with global coverage of these topics.
Services include:
| consulting and facilitation in the areas of
development and aligning of e-commerce and corporate
strategies |
| consulting and market research in the African
energy sector, particularly the downstream oil sector |
| consulting in the area of intelligence system
design and implementation |
| e-mail newsletters aimed at keeping business
executives abreast of trends in African business, World Mining,
Energy and International Trade. |
| advertising and public relations opportunities on
the MBendi website and in its e-mail newsletters. |
|
|
|
|
End: The Economy and Financial
Sector in the Africa Region
|
