GDP growth for the continent is forecast to accelerate to 4 percent this year, up from an estimated 3.5 percent in 2018, making it the fastest-growing region in the world after Asia, according to the African Development Bank. And that’s despite Nigeria and South Africa, which make up almost half of the continent’s GDP, “pulling down Africa’s average growth,” as the Abidjan-based lender said in its latest economic outlook report.Nigeria’s GDP will expand by 2.
While the powerhouses in western and southern Africa struggle to gain meaningful momentum, the continent’s economic growth will once again be driven by East Africa, which will be the fastest-expanding region for the fifth straight year. Ethiopia, Kenya, Rwanda and Tanzania all feature on the AfDB’s list of 10 fastest-growing economies for 2019. Egypt, the biggest economy after Nigeria and South Africa, will also help drive growth.
Subdued growth in southern Africa is due to South Africa’s weak output, which affects neighboring countries, the AfDB said. While West Africa’s prospects are more upbeat, they may be clouded by risks including uncertainty in global commodity prices and security concerns in some countries, the lender said.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: South Africa Holds Key Rate as It Cuts GDP GrowthHigher power, food and fuel prices will likely crimp household spending and limit prospects for stronger economic growth, resulting in the South African Reserve Bank having to hold the nation’s key interest rate for the rest of the year.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Debt, State Firms Are Risks to South Africa Rating, Moody’s SaysSouth Africa may struggle to hang on to its sole investment-grade credit rating if economic growth persists at weak levels and if government debt and risk from state-owned companies rises, Moody’s Investors Service said.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: South Africa Extends Probe Into Africa’s Biggest Money ManagerPresident Cyril Ramaphosa granted a judicial commission an extra three months to finish its investigation into allegations of wrongdoing at the government workers’ pension-fund manager.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: South Africa Names Ex-Alexander Forbes CEO to Rebuild Tax AgencSouth African President Cyril Ramaphosa appointed Edward Kieswetter, a former chief executive office of insurer Alexander Forbes Group Holdings Ltd., as the head of the nation’s tax agency.
Source: dailymaverick - 🏆 3. / 84 Read more »
Motsepe urges business to help counter effects of natural disasters in AfricaPatrice Motsepe and his wife Precious Moloi-Motsepe carried cheques for R30 million, R15 million each for Mozambique and Zimbabwe when they joined the humanitarian caravan to Beira and Harare on Thursday.
Source: ewnupdates - 🏆 30. / 53 Read more »
Two SA airports named best in Africa at Skytrax World Airport Awards | IOL Business ReportAirports Company South Africa’s airports serving Cape Town and Durban have been named Africa’s best in the 2019 Skytrax World Airport Awards.
Source: IOL - 🏆 46. / 51 Read more »
US stocks tumble as market grapples with growth fearsInvestors have been weighing how seriously to view a big drop in 10-year US Treasury bond yields in a recent session.
Source: eNCA - 🏆 49. / 51 Read more »