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South Africa: SA's Economy to Contract By 7.8 Percent This Year
October 28, 2020--As a result of the devastating impact of the Coronavirus pandemic, South Africa's economy is expected to contract by 7.8 % this year in real terms.
The National Treasury said this in its Medium-Term Budget Policy Statement on Wednesday.
This comes after COVID-19 and the measures taken to protect public health resulted in steep declines in consumption, investment and exports.
"GDP growth is expected to rebound to 3.3 % in 2021, and to average 2.1 % over the medium term. Based on this projection, the economy will only recover to 2019 levels in 2024.
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Source: allafrica.com
SA stocks rise with risk-on sentiment boosting Anglo
October 23, 2020--South Africa's main stock index rose 0.8% as of 10:31 a.m. in Johannesburg, the biggest gain since 12 October, as increased appetite for riskier assets lifts miners.
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Source: news24.com
Sub-Saharan Africa's Difficult Road to Recovery
October 22, 2020--The COVID-19 pandemic represents an unprecedented health and economic crisis for sub-Saharan Africa. Within months, the spread of the virus has jeopardized years of development and decades-long gains against poverty in the region while threatening the lives and livelihoods of millions of people.
In our latest Regional Economic Outlook, we project -3 percent growth in sub-Saharan Africa's GDP in 2020, representing the worst outcome on record for the region. The drop will be even larger for economies dependent on tourism and commodity exports. Growth in the region should rebound modestly in 2021 to 3.1 percent, but for many countries, a return to 2019 levels won't occur until 2022-24.
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Source: IMF
SA stocks gain as Richemont gets luxury peer boost
October 16, 2020--Friday's strength trims the market's weekly decline to 0.3%, still set to drop for the first week in three.
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Source: news24.com
Nigeria: Inflation Climbs Further, Rises Above 13.71% in September
October 15, 2020--After attaining the highest level in 28 months in September, Nigeria's headline inflation climbed further, the latest figures by the National Bureau of Statistics (NBS)show.
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Source: allafrica.com
'Africa Must Think Continental, Focus On Wealth Creation'
October 14, 2020--The Chief Executive Officer, Ecobank Transnational Incorporated (ETI), Ade Ayeyemi has reiterated the need for African countries to adopt a continent-wide approach to business and also focus on wealth creation.
This, he said would make businesses in the continent to be relevant in the global value chain.
According to Ayeyemi, for the African Continental Free Trade Agreement (AfCFTA) to become a reality, there must be commitment and readiness for trade facilitation by the individual nations.
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Source: allafrica.com
Africa's Quiet Cryptocurrency Revolution
October 8, 2020--Cryptocurrency transactions in Africa are growing rapidly. On a continent that already embraces mobile money, virtual currency offers advantages for a young, tech-savvy population.
Africa is undergoing an economic revolution that has nothing to do with banks and despite little sign of outdated economic policies being overhauled.
Monthly cryptocurrency transfers to and from Africa under $10,000 (€8,500) shot up by 55% over the past year, reaching a peak of $316 million in June.
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Source: allafrica.com
Fitch Upgrades Nigeria's Outlook to 'Stable'
October 1, 2020--Fitch, a global credit rating agency, has upgraded the outlook on Nigeria's long-term foreign-currency issuer default rating (IDR) to 'stable' from negative and affirmed the IDR at 'B'.
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Source: allafrica.com
Nigeria: Days of Crude Oil Are Numbered -Govt
September 28, 2020--STRONG indications emerged Monday that hardship looms in Nigeria following the nation's over-reliance on oil as the Federal Government has raised the alarm that the days of crude oil are numbered.
According to the Federal Government, it has become imperative for Nigerians to start making effective utilization of its oil wealth when it matters most before the commodity becomes worthless.
Speaking Monday in Abuja at an interactive meeting with the leadership of the National Assembly, Minister of State for Petroleum, Timipre Sylva cautioned that based on a forecast in the global oil industry, oil will in the next 20 years become less relevant in the global energy mix as the world looks beyond oil and seeks alternative sources.
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Source: allafrica.com
Africa: 'Africa Remains a Prime Investment Destination'
September 21, 2020--Regional economic experts affirmed this position during a recent African Development Bank (AfDB) webinar for Asian audiences, which also noted that the policy recommendations of the African Economic Outlook Supplement could be regarded as important opportunity for investments.
In an outcome statement shared with the media after the engagement, AfDB said participants endorsed the supplement report, which revised the growth projections and outlook for Africa for 2020 and 2021 and highlights the impact of Covid-19 on the continent's socio-economic landscape.
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Source: allafrica.com
