Economy | - Part 83

Despite the End of the Commodity Boom, African Countries Can Sustain Their Growth

The World Bank Group forecasts that economic growth for African countries will slow in 2015 to 4.0 percent from 4.5 percent in 2014, a downturn which largely reflects the sharp fall in global prices for oil and other key commodities. At a seminar with African finance ministers, central bankers and their delegations during the World Bank Group Spring Meetings, the Bank’s Africa Chief Economist Francisco Ferreira explained that his 2015 forecast was below the 4.4…

East African: Rising inflation takes its toll on region’s economies……

Posted on by The Editorial Team

East African economies are experiencing rising inflation as their currencies continue to weaken against the dollar according to the East African. The Bank of Uganda has raised its benchmark lending rate for the first time since June 2014, in a bid to slow the increase in inflation. BoU Governor Emmanuel Tumusiime-Mutebile said that the depreciation of the shilling and faster real GDP growth will lead to an increase in inflation over the medium term. Uganda…

Nigerian current-account deficit is 0.1% GDP in Q4 2014

Posted on by The Editorial Team

The CBN’s External Sector Development Report for Q4 2014 shows a modest current-account deficit equivalent to 0.1% of GDP. This was to be expected, given that the international oil price fell by about US$25/b over the quarter in question. The report also revised earlier data, notably for Q2 for which a surplus representing 1.1% of GDP was transformed into a 0.4% deficit. The deterioration predates the latest slide in the oil price and can be traced to…

Nigerian Foreign Reserves at Record Low

Posted on by The Editorial Team

According to the Central Bank of Nigeria (CBN), reported levels of the Nigerian External Reserves (“the Reserves”) as at 15th of April 2015 stands at US$29.3bn – its lowest level since 2010. Worthy of note is the fact that the Reserves have been on a downward trend since the beginning of the year on the back of falling global oil prices and CBN’s resolve to defend the Naira. The Reserves has declined US$5.0bn (16.9%) in…

Global remittances to slow down in 2015 say WorldBank report

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Growth in global remittances, including those to developing countries, will slow sharply in 2015 due to weak economic growth in Europe, deterioration of the Russian economy and the depreciation of the euro and ruble, says the latest issue of the World Bank’s Migration and Development Brief. Officially recorded remittances to the developing world are expected to reach USD 440bn in 2015, an increase of 0.9% over the previous year. Global remittances, including those to high…

Africa: End of the Commodity Super-Cycle Weighs on Growth

Posted on by The Editorial Team

Sub-Saharan Africa’s growth will slow in 2015 to 4.0 percent from 4.5 percent in 2014, according to World Bank projections released today. This downturn largely reflects the fall in the prices of oil and other commodities, notes Africa’s Pulse, a twice-yearly World Bank Group analysis of the issues shaping Africa’s economic prospects released today at the start of the World Bank Group’s 2015 Spring Meetings, which will draw the world’s finance and development ministers to Washington,…

Moody’s upgrades Egypt to B3 with a stable outlook

Posted on by The Editorial Team

Moody’s Investors Service has today upgraded Egypt’s issuer and senior unsecured bond ratings to B3 from Caa1, with a stable outlook. Key drivers for today’s rating action are: Improving macroeconomic performance, Reduction in external vulnerabilities, and Ongoing commitment to fiscal and economic reform. In today’s rating action, Moody’s has also raised Egypt’s foreign-currency bond ceiling to B2 from B3, the foreign-currency deposit ceiling to Caa1 from Caa2, and the local-currency country risk ceiling to Ba2…

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