Economy

Moody’s affirms Angola Ba2 ratings, changes outlook to negative

London, 03 March 2015 — Moody’s Investors Service has today affirmed Angola’s Ba2 government bond rating and changed the rating outlook to negative from stable. The short term ratings remain unchanged at Not Prime. Key drivers for today’s decision include: The rating affirmation at Ba2 is supported by Angola’s intrinsic economic strength and the government’s financial buffers. The negative rating outlook is driven by the downside risks stemming from the oil price decline to economic…

Bank of Botswana says Inflationary Outlook Positive

Posted on by The Editorial Team

Interest rates are expected to remain favourable as inflation outlook remains positive and economists are predicting an accommodative monetary policy. Bank of Botswana states in the Monetary Policy statement released on Tuesday March 3 that given the global and domestic economic outlook and inflationary trends, inflation is expected to remain within the 3 – 6 per cent objective range in the short to medium term. Global outlook forecast for this year is forecast at 3.5…

World Bank sees Kenya’s GDP growth at 6.0 pct in 2015

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenya is due to become one of the fastest-growing economies in east Africa, with a growth forecast of 6.0 percent in 2015 and 6.6 percent in 2016, the World Bank said on Thursday, citing falling oil prices and bigger infrastructure investments. Kenya’s economy grew by an estimated 5.4 percent in 2014, the bank said in its latest economic update, while growth could accelerate to 7.0 percent in 2017. “After growing an estimated…

Morocco’s outlook improves, external risks remain

Posted on by The Editorial Team

The International Monetary Fund projected Morocco’s real GDP growth to rebound to 4.4% in 2015 from 2.9% in 2014, supported by improved external demand, strengthened domestic confidence and normalized agricultural output. It expected real GDP growth to average more than 5% annually over the medium term, reflecting the ongoing modernization of the agriculture sector, the continued expansion of Moroccan firms in new markets, the growing importance of newly developed sectors, as well as higher investment…

Nigeria’s external shocks raise economic vulnerabilities

Posted on by The Editorial Team

Merrill Lynch projected Nigeria’s real GDP growth to decelerate to 3.5% in 2015 from an average annual growth rate of 5% between 2011 and 2014, due to the large terms of trade shock that has resulted from lower global oil prices. It said that the depreciation of the Nigerian naira would increase inflationary pressure and would weigh on domestic consumption that is heavily dependent on imports. In addition, it forecast the inflation rate to average…

Fitch says South Africa’s budget highlights deficit challenges

Posted on by The Editorial Team

Fitch director for sovereigns Carmen Altenkirch said the rating agency had previously highlighted that weak economic growth and a failure to boost potential growth were a negative rating trigger. The outlook for public finances would form an important part of Fitch’s next scheduled review of SA’s sovereign ratings on June 5, the agency said on Thursday. Ms Altenkirch said Fitch’s sovereign credit rating for SA of BBB with a negative outlook recognised economic growth and…

Ghana govt, IMF agrees on $940milion support reform plan

Posted on by The Editorial Team

The loan, which could receive final approval in early April, would back a program aimed at boosting economic growth and tightening fiscal discipline. Ghana would implement its reform program under a three-year Extended Credit Facility arrangement from the IMF, which is still subject to approval by the IMF’s management and Executive Board. One of the priorities of Ghana’s program is to restore debt sustainability through a sustained fiscal consolidation. Offshore oil production came on stream…

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