Economy | - Part 57

Global Growth Edges Up to 2.7 Percent Despite Weak Investment

LAGOS (Capital Markets in Africa) – Global economic growth is forecast to accelerate moderately to 2.7 percent in 2017 after a post-crisis low last year as obstacles to activity recede among emerging market and developing economy commodity exporters, while domestic demand remains solid among emerging and developing commodity importers, the World Bank said in a report released on Tuesday. Growth in advanced economies is expected to edge up to 1.8 percent in 2017, the World…

Negative outlook for Sub-Saharan African sovereigns Amid Uncertainty

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LAGOS (Capital Markets in Africa) – The creditworthiness of sovereigns in Sub-Saharan Africa (SSA) has an overall negative outlook for 2017, reflecting the liquidity stress facing commodity-dependent countries, subdued economic growth, and persistent political risk, Moody’s Investors Service said in a report today. The report, “Sovereigns — Sub-Saharan Africa: Negative Outlook Amid Liquidity Stress, Low Growth, Political Risk”, is available on www.moodys.com. Moody’s subscribers can access the report using the link at the end of…

Cameroon’s Economy to Grow by 6% in 2017 Says Finance Minister

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YAOUNDE (Capital Markets in Africa) – Cameroon’s economy is set to expand 6 percent this year even as it imposes new taxes to compensate for a decline in government revenue from oil, Finance Minister Alamine Ousmane Mey said. The central African nation last month approved the introduction of 24 taxes that apply to a wide range of goods and services, including second-hand car imports and exports of timber, Mey said in a Jan. 3 interview…

Benin Seeks to Spend $15 Billion Next 5 Years to Boost Economy

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PORT-NOVO (Capital Markets in Africa) – Benin plans to spend as much as $15 billion over the next five years on agriculture, tourism and infrastructure projects, an amount that the government seeks to raise by boosting tax revenue and borrowing on local and regional markets, according to the finance minister. The government of the West African nation will finance about 40 percent of its development program, while the private sector will be tapped to fund…

Nigeria Plans 20% Budget Rise to End Nigeria’s Economic Slump

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LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari presented plans to lawmakers to boost the nation’s spending by 20 percent next year in a bid to revive an economy set for its first full-year contraction in more than two decades. Buhari asked lawmakers to allow the government to spend 7.3 trillion naira ($23 billion) in 2017, compared with this year’s budget of 6.1 trillion naira. The proposal is based on a projected price of $42.50 per…

IMF halves Mozambique’s growth, expects inflation rise

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MAPUTO (Capital Markets in Africa) – IMF staff team headed by Michel Lazare visited Mozambique from December 1-12, 2016 to assess recent economic developments and discuss policies to support macroeconomic stability. As highlighted in a November 28 statement (see Press Release No.16/528) , the team also initiated discussions on a new economic program that could be supported by the IMF. At the end of the visit, Mr. Lazare issued the following statement: “There have been several positive economic…

South Africa needs Reform to Lift Growth, says IMF

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JOHANNESBURG (Capital Markets in Africa) – Since 1994, economic growth and sound policies have been mutually reinforcing, fostering economic transformation and improving living conditions. However, the long-run economic growth rate has gradually slowed over the years. Following the onset of adverse shocks such as the decline in commodity prices, economic activity has come to a near-standstill in 2016 and the projected recovery to almost 1 percent in 2017 remains insufficient to keep pace with population…

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