Economy | - Part 17

Africa’s Economic Growth: It’s Not All Doom and Gloom

LAGOS (Capital Markets in Africa) – Angola unveils $44 billion 2017 budget, sees economic growth of 2.1 percent. Angola, which has been hard hit by depressed oil prices, on Friday unveiled a 2017 budget of 7.3 trillion kwanza ($44.22 billion) with a budget deficit of 5.9 percent of gross domestic product. Aia–Eza Silva, the budget state secretary, told reporters the budget forecasts sub-Saharan Africa’s third-largest economy to grow 2.1 percent next year compared with estimates…

Liberia Seeks $1.3 Billion to Revive Economy

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MONROVIA (Capital Markets in Africa) – Liberia will need $1.3 billion to revive an economy that was ravaged by a slump in its key export commodities and the worst-ever Ebola epidemic, Finance and Development Planning Minister Boima Kamara said. The West African nation will invest in energy projects to spur its manufacturing sector while prioritizing agriculture after economic expansion almost came to a standstill over the past three years, Kamara said in an interview in the capital, Monrovia….

IMF sees Zambia’s 2016 economic growth steady at 3 percent

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LUSAKA (Capital Markets in Africa) – Zambia’s economy should grow by 3 percent this year, largely unchanged from last year as electricity shortages and subdued private sector investment weigh, the International Monetary Fund (IMF) said on Tuesday. The IMF’s forecast was similar to the government’s own growth estimate for 2016. The economy expanded by 2.9 percent in 2015. The IMF Mission Chief to Zambia Tsidi Tsikata said resolute policy action such as the removal of…

South Africa doing well if you strip out growth, Moody’s Says

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JOHANNESBURG (Capital Markets in Africa) – South Africa measures favourably in most indices bar economic growth, which the Treasury has forecast will be 0.5 percent this year, a Moody’s representative said on Tuesday. Moody’s rates South Africa two notches above sub investment grade with a negative outlook and is due to publish its next review in December. Fellow ratings firms S&P’s and Fitch have the country just a step above junk. The three agencies have…

Uganda economy to grow 5 pct 2016/17, 5.5 pct 2017/18, IMF says

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KAMPALA (Capital Markets in Africa) – Uganda’s economy will grow by 5 percent in the 2016/17 (July-June) fiscal year, the International Monetary Fund forecast on Wednesday, trimming the forecast from 5.5 percent after state revenues missed targets and some major projects faced delays. The IMF also predicted Uganda would grow 5.5 percent next fiscal year, boosted by rising spending on infrastructure. Uganda has been pressing ahead with several major projects, including new dams and roads….

World Bank cuts Uganda’s GDP forecast, citing South Sudan

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KAMPALA (Reuters) – The World Bank cut its 2016/2017 growth forecast for Uganda on Thursday to 5.5 percent from 5.9 percent, citing the impact of South Sudan’s conflict on its exports and sluggish investments due to slower economic activity globally. South Sudan is one of Uganda’s major export markets but roads between the two countries have been unsafe since an eruption of violence in South Sudan in July. “The current economic forecast … is ……

Kenya Avoids Brexit Moment as Markets Disregard Doomsayers

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NAIROBI (Capital Markets in Africa) – It was described as Kenya’s Brexit moment, a decision that had the potential to spur a withdrawal of foreign investors, sending the stock market and the shilling tumbling and damaging East Africa’s most-developed economy. Yet, almost six weeks after Kenya capped banks’ lending rates at four percentage points above the central bank benchmark, its currency is little changed against the dollar and the main stock index has gained on…

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