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Back Farmingnews Breaking News Africa on the cusp of a colossal opportunity
14 Apr 2018

Africa on the cusp of a colossal opportunity

Recent political changes in Africa have sparked optimism that the continent, once perceived as a hopeless region, is on the rise again.

Angola’s Jose Eduardo dos Santos and Zimbabwe’s Robert Mugabe vacated office in 2017 after a combined 75 years in power. The new leaders of the two Southern African nations, João Lourenço and Emmerson Mnangagwa, have both promised to root out corruption, open up their economies and create a business-friendly environment to attract investment and create jobs.

In SA, the continent’s economic powerhouse, the election of President Cyril Ramaphosa following the reluctant resignation of scandal-ridden Jacob Zuma, promises to kick-start the country’s struggling economy and avoid a further credit ratings downgrade.

According to the World Bank, growth in sub-Saharan Africa is estimated to have rebounded to 2.4% in 2017, after slowing sharply to 1.3% in 2016. The rise reflects a modest recovery in Angola, Nigeria and SA — some of the region’s largest economies — supported by an improvement in commodity prices, favourable global financing conditions and slowing inflation, which has helped to lift household demand.

Growth in the region is projected to rise to 3.2% in 2018 and to 3.5% in 2019, on the back of firming commodity prices and gradually strengthening domestic demand. However, growth will remain below precrisis averages, partly reflecting a struggle in larger economies to boost private investment, the World Bank notes.

SA is forecast to tick up to 1.4% growth in 2018 from 0.8% in 2017.

The recovery is expected to solidify, as improving business sentiment supports a modest rise in investment. The World Bank says policy uncertainty is likely to remain and could slow needed structural reforms.

Read the full articel on BDLIVE BEKEZELA PHAKATHI

Last modified on Saturday, 14 April 2018 06:51
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