Economy in Southern Africa

  • Zimbabwe's economic situation "very difficult" - IMF

    ZIMBABWE, 2017/11/27 Zimbabwe’s economic increase is threatened by high government spending, an untenable foreign exchange regime and inadequate reforms, a senior International Monetary Fund (IMF) official said. Zimbabwe was once one of Africa’s most promising economies but suffered decades of decline as former President Robert Mugabe pursued policies that included the violent seizure of white-owned commercial farms and money-printing that led to hyperinflation. Mugabe, 93, resigned on Tuesday next nearly four decades in power following pressure from the military, the ruling ZANU-PF party and the general people.
  • The challenges to reform in post-coup Zimbabwe

    ZIMBABWE, 2017/11/27 Mugabe’s undoing came next he , Vice President Emmerson Mnangagwa, from the ruling Zimbabwe African National Union-Patriotic Front (ZANU-PF) Party. Mnangagwa had been locked in a succession struggle with Mugabe’s wife, Grace Mugabe, and the sacking triggered the military’s intervention. A volatile situation called for calmallegedly pacifying a degenerating economic, political and social situationBoth the Southern African Development Community (SADC) and the African Union (AU) saying they will not support any government that comes to power via a coup d’état. This likely underlies the military’s determination to avoid that term.
  • Africa’s Growth: Nobel Laureate Joseph Stiglitz Calls For New Strategy

    BOTSWANA, 2017/10/19 Joseph Stiglitz has advised African nations to adopt coordinated strategy encompassing agriculture, manufacturing, mining, and service sectors to attain same success delivered by the old manufacturing export-led strategy. Prof. Stiglitz, an economist and professor at Columbia University, New York, gave the advice at the Babacar Ndiaye lecture series introduced by African Export-Import Bank (Afreximbank) which debuted in Washington D.C.
  • Sub-Saharan Africa economic growth to pick-up next year

    AFRICA, 2017/10/15 Nigeria and South Africa are expected to lift sub-Saharan regional increase next year, a Reuters poll showed, once their central banks cut rates to boost Africa’s major – but sickly – economies. The two economies contribute additional than half of sub-Saharan Africa’s gross domestic product and the poll taken in the completed three days showed Nigeria’s economy, Africa’s biggest, will grow 2.4 % in 2018, up from 0.8 % this year. It has been in recession since late 2015.
  • Africa Convergence: Towards Africa's economic growth

    BOTSWANA, 2017/10/05 To surpass the current physical and mental borders which are hindering the development of the African continent, conference the digital challenge to achieve an Integrated and sustainable economy for increase. This was the issue on the schedule of the second Africa Convergence Conference was attended by about 30 speakers from all sectors of activity and about 300 CEOs for an unprecedented dialogue on the next of the continent. As well on the table for discussion was : regional integration, financing, unearthing talents and emerging issues related to the harmonization of economies.
  • Zimbabwe economy recovering thanks to agric and mining

    ZIMBABWE, 2017/09/09 President Robert Mugabe said on Friday that Zimbabwe’s economy, hobbled by foreign currency shortages and a widening budget deficit, was slowly rebounding and would be driven by mining and agriculture. Without giving details, Mugabe told a conference of the ruling ZANU-PF’s central committee that the former British colony was on the way to regaining its status as a regional breadbasket and was expecting a bumper harvest of the staple maize in 2017.
  • Nigeria and South Africa emerge from recession

    SOUTH AFRICA, 2017/09/09 Two of the major economies in Africa are growing again next recessions. Nigeria‘s GDP expanded by 0.55% in the second quarter of 2017 year-on-year, according to the National Bureau of Statistics, ending five consecutive quarters of contraction. Quarter-on-quarter increase for the same period was 3.23%.
  • Africa’s economic growth in 2016 was driven by East Africa

    BOTSWANA, 2017/08/20 While the continent’s major economies were hit by the fall in commodity prices in 2016, Africa retained its position as the second-fastest growing continent globally recording an average of 2.2% GDP increase, behind only South Asia, according to the African Development Bank Group (AfDB). Much of Africa’s increase in 2016, AfDB says, was driven by East Africa where several nations recorded “strong performances.” In general, of the continent’s sub-regions, East Africa posted the highest increase rate with 5.3%, led by Ethiopia.
  • Botswana's economy grows sluggishly in first quarter of 2017

    BOTSWANA, 2017/07/19 Botswana's economy expanded 0.2 % quarter-on-quarter in the initial three months of 2017 versus 0.1 % in the final quarter of last year, data from the statistics office showed on Friday. On a year-on-year basis, gross domestic product grew by 0.8 % in Q1 next expanding by 4.2 % in Q4 of 2016.
  • Africa: G20 Should Build Digital Economy Friendly to Growth, Jobs - Xi

    CHINA, 2017/07/10 Chinese President Xi Jinping says the Group of 20 (G20) members should build a digital economy that is friendly to increase and employment. He made the remarks while attending the two-day G20 summit in the German port city of Hamburg. "We should actively adapt ourselves to digital evolution, foster new economic drives, advance structural reforms and promote integrated development of digital and real economy," said President Xi.