Economy | - Part 60

Africa’s Economic Growth: It’s Not All Doom and Gloom

LAGOS (Capital Markets in Africa) – Angola unveils $44 billion 2017 budget, sees economic growth of 2.1 percent. Angola, which has been hard hit by depressed oil prices, on Friday unveiled a 2017 budget of 7.3 trillion kwanza ($44.22 billion) with a budget deficit of 5.9 percent of gross domestic product. Aia–Eza Silva, the budget state secretary, told reporters the budget forecasts sub-Saharan Africa’s third-largest economy to grow 2.1 percent next year compared with estimates…

Liberia Seeks $1.3 Billion to Revive Economy

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MONROVIA (Capital Markets in Africa) – Liberia will need $1.3 billion to revive an economy that was ravaged by a slump in its key export commodities and the worst-ever Ebola epidemic, Finance and Development Planning Minister Boima Kamara said. The West African nation will invest in energy projects to spur its manufacturing sector while prioritizing agriculture after economic expansion almost came to a standstill over the past three years, Kamara said in an interview in the capital, Monrovia….

IMF sees Zambia’s 2016 economic growth steady at 3 percent

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LUSAKA (Capital Markets in Africa) – Zambia’s economy should grow by 3 percent this year, largely unchanged from last year as electricity shortages and subdued private sector investment weigh, the International Monetary Fund (IMF) said on Tuesday. The IMF’s forecast was similar to the government’s own growth estimate for 2016. The economy expanded by 2.9 percent in 2015. The IMF Mission Chief to Zambia Tsidi Tsikata said resolute policy action such as the removal of…

South Africa doing well if you strip out growth, Moody’s Says

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JOHANNESBURG (Capital Markets in Africa) – South Africa measures favourably in most indices bar economic growth, which the Treasury has forecast will be 0.5 percent this year, a Moody’s representative said on Tuesday. Moody’s rates South Africa two notches above sub investment grade with a negative outlook and is due to publish its next review in December. Fellow ratings firms S&P’s and Fitch have the country just a step above junk. The three agencies have…

South Africa cuts growth forecast, calls for political stability

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CAPE TOWN (Capital Markets in Africa) – South Africa’s Treasury on Wednesday slashed this year’s growth forecast and predicted a wider budget deficit for the 2016/17 fiscal year, warning that it would have to cut spending to avoid credit rating downgrades. Speaking to reporters before presenting his budget speech to parliament, Finance Minister Pravin Gordhan, who is facing fraud charges, stressed the need to bring an end to “political noise” in the country and get…

Uganda economy to grow 5 pct 2016/17, 5.5 pct 2017/18, IMF says

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KAMPALA (Capital Markets in Africa) – Uganda’s economy will grow by 5 percent in the 2016/17 (July-June) fiscal year, the International Monetary Fund forecast on Wednesday, trimming the forecast from 5.5 percent after state revenues missed targets and some major projects faced delays. The IMF also predicted Uganda would grow 5.5 percent next fiscal year, boosted by rising spending on infrastructure. Uganda has been pressing ahead with several major projects, including new dams and roads….

Zimbabwe growth to quicken to 4.8 pct in 2017

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HARARE (Capital Markets in Africa) – Zimbabwe expects economic growth to quicken to 4.8 percent in 2017 from 1.2 percent this year on improved agriculture production and higher global commodity prices, the Treasury said in a budget strategy document. The southern African nation is in the throes of its worst financial crisis since it switched its currency for the U.S. dollar, and its plans to introduce local bank notes next month have helped fuel protests…

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