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South Africa: Steep Slump in GDP as Covid-19 Takes Its Toll on Economy
September 8, 2020--The punch in the gut was severe. Perhaps the second quarter of 2020 will become known as the pandemic quarter.
South Africa's economy suffered a significant contraction during April, May and June, when the country operated under widespread lockdown restrictions in response to COVID-19.
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Source: allafrica.com
SA stocks set for worst week since May after tech rout
September 4, 2020--Concerns over lofty tech valuations dragged China's Tencent down for a second day in Hong Kong; pulling Naspers, which holds a 31% stake in Tencent, down 1.7% to a two-week low.
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Source: news24.com
Rand holds firm after breaking R17/$ barrier
August 24, 2020--The rand has gained momentum, dipping below R17/$ for the first time since the end of July.
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Source: news24.com
Nigeria: Economy Enters Negative Growth
August 24, 2020--Nigeria's Gross Domestic Product (GDP) growth rate contracted by -6.10 per cent in the second quarter of 2020, a report by the National Bureau of Statistics (NBS) said on Monday.
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Source: allafrica.com
World's Biggest Free-Trade Pact Targets First Deal in 2021
August 16, 2020--The first commercial deal under an Africa-wide free trade zone will take place on Jan. 1 as outstanding talks are set to move online, the African Union said.
While the African Continental Free Trade Area entered into force legally last year, transactions that were due to start on July 1 were delayed as the virus set back negotiations on the protocol for trade in goods, including tariff concessions.
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Source: bloomberg.com
Nigeria Stock Market Opens Week With N8bn Loss
August 10, 2020--The nation's bourse opened trading for the week on Monday with a loss of N8 billion, the first decline in seven consecutive trading sessions.
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Source: allafrica.com
Rand slides to 10-week low, could face more pain ahead
August 6, 2020--The rand, already on a losing streak, could be heading for more pain as emerging markets face ongoing pressure, analysts warned on Thursday.
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Source: FIN24
Foreign investors losing interest in SA bonds
August 4, 2020--Foreign investors continue to desert South Africa's bond market in July, with their share of government debt falling to the lowest level in more than eight years.
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Source: news24.com
Rand slips to a three-week low in the wake of poor US growth
July 31, 2020--The rand slipped to a three-week low on Friday, this amid continuing Covid-19 uncertainty in global markets.
The local currency opened trade at R16.75 on Friday and ended the day 1.5% weaker at R17.01.
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Source: FIN24
Trade Pact Could Boost Africa's Income by $450 Billion, Study Finds
July 27, 2020--The African Continental Free Trade Area (AfCFTA) represents a major opportunity for countries to boost growth, reduce poverty, and broaden economic inclusion, a new World Bank report has found. If implemented fully, the trade pact could boost regional income by 7% or $450 billion, speed up wage growth for women, and lift 30 million people out of extreme poverty by 2035.
The report suggests that achieving these gains will be particularly important given the economic damage caused by the COVID-19 (coronavirus) pandemic, which is expected to cause up to $79 billion in output losses in Africa in 2020. The pandemic has already caused major disruptions to trade across the continent, including in critical goods such as medical supplies and food.
view the World Bank The African Continental Free Trade Area Economic and Distributional Effects report
Source: World Bank
