Africas integration into the global economy oecd ilibrary. Gross domestic product gdp of africa from 19952016. This 14th edition analyses regional development and spatial inclusion challenges faced by the continent. Africa economic outlook jeanchristophe batlle, managing director for africa. Debt dynamics and development finance in africa, was prepared by a team of unctad contributors, headed by junior roy davis, and composed of the following people. Mobilize domestic resources through welltargeted subsidies and rigorous collection of fees through the application of icts. Middle east and north africa regional economic outlook october 19, 2016. Pdf how sustainable cities can contribute to africas. Oil prices bonny light have also risen steadily from an average of usd 44. Aug 08, 2017 the african economic outlook aeo 2017 which was published on monday 22 may 2017 by the african development bank indicates that rwanda recorded the most progress in africa in the fight against poverty since 2005, followed by ghana and liberia. Attract more private funding to infrastructure projects, focusing on risk. Prior to president zumas decision to fire finance minister pravin gordhan, south africas economic prospects had been improving. It is with pleasure that i take part again in this years opening conference of the euro finance week in frankfurt. Global economic prospects january 2018 economic outlook.
The report, which forecasts the outlook for subsaharan africa in 2016. May 09, 2017 the areas gross domestic product will probably expand 2. The african economic outlook 2015 analyses africa s growing role in the world economy and predicts the continents twoyear prospects in crucial areas. Key messages from new oecd interim economic outlook. Economy still driven by agriculture and construction 2. Cote divoire djibouti egypt equatorial guinea eritrea ethiopia gabon gambia ghana guinea guineabissau kenya lesotho liberia libya madagascar malawi mali mauritania mauritius. Africa s economic growth page 1 of 27 executive summary over the past 15 years, most countries in africa experienced sustained economic growth, with growth rates often exceeding 5% per year. This 14th edition analyses regional development and spatial inclusion challenges faced. An investment and growthsupportive outcome is likely to result in a gradual economic recovery. Increasing the efficiency of public spending to boost growth inflation will peak by the end of 2016 before declining slowly in 2017.
Africa amount to usd 50 billion annually auceca, 2017. Colin coleman noted that africa s new winning companies. The african economic outlook 2016 presents the continents current state of affairs and forecasts its situation for the coming two years. Between june 2015 and december 2016, four prime ministers were dismissed. African economic outlook 2016 sustainable cities and structural transformation.
This april 2016 issue of the regional economic outlook. Upper middleincome countries turned in low and declining rates of growth. A new economic report by focuseconomics paints a bleak picture for the south african economy in 2016 and 2017. Press release 20 january 2016 addis ababa ilo news with high levels of unemployment and vulnerable employment on the rise, the world of work in africa is still facing tremendous challenges in terms of job creation and sustainability, warns a new ilo report. This annual report examines africas performance in crucial areas. Overview outh africas gdp growth forecast for 2019 has been revised to. Taking this into account, the exercise calculates the amount. Minister gordhan delivered the most crucial mediumterm budget in his political career. Moroccos economic outlook spring 2016 the latest mena economic monitor report spring 2016, expects moroccos growth to slow down to 1. That report spelled out in considerable detail the need to base cfta institutional structures on practical approaches that can work in africa and to track. Allan gray south africas economic outlook deteriorates.
Second, improved revenues should give governments in the region, especially algeria, egypt, libya, and tunisia, the opportunity t his north africa economic outlook covering algeria, egypt, libya, mauritania, morocco. Assuming the full implementation of a comprehensive reform agenda following the autumn 2016 parliamentary elections, economic growth could accelerate and sustainably exceed 3. African economic outlook 2016 african development bank. Subsaharan africa reo was prepared by a team led by celine. Authors calculations based on imf 2018, world economic outlook.
Burundis economic growth contracted by an estimated 7% in. Indicates a decline in projections relative to april 2016 reo update. In short, the share of mining in national output has more than. During the year that followed the return to constitutional order in 2014, guineabissau experienced positive momentum. The economy recovered in 2016, after it suffered another setback when economic growth contracted in 2015 because of weak demand for diamond exports and. Economic overview in brief the south african economy, which grew by an estimated 0. The economic outlook for subsaharan africa ssa is positive, with growth rising to 5.
South africa economy gdp, inflation, cpi and interest rate. Opening conference, frankfurt am main, 14 november 2016. Excluding south africa, the continents largest economy, growth in subsaharan africa is forecast to rise to 6%. Africa s general economic performance continues to improve, with gross domestic product growth reaching an estimated 3. Highlightsdhighlights 2 economic overview political developments in the first half of 2019 will be a key determinant of the south african economy s performance over the remainder of the year.
The outstanding amount is calculated based on nonfinancial. The economic outlook for the southern africa region is cautious. Kenya has sophisticated entrepreneurship by regional standards but could increase its global footprint through increased investments in information technology. On june 9, imf african department director antoinette sayeh presented the imfs regional economic outlook for subsaharan africa, which argues that the regions mediumterm prospects remain. World economic and financial surveys regional economic outlook. Keeping the balance in a deflationary period 14 global financial markets outlook. The annual african economic outlook aeo monitors the continents state of affairs.
Pdf african economic outlook jethro reeves academia. Dec 10, 2019 the outlook for the domestic economy over the medium term is one of a somewhat improved from the current very poor conditions, but still unsatisfactory performance. In this regard, the federal government has developed a framework in the nigeria economic recovery and growth plan 201720. The global economic growth outlook has improved, but is clouded by policy uncertainty as. The june 2019 quarterly employment survey, released by statistics south africa, showed that an estimated 10 172 000 people were employed in the formal nonagricultural sector of the south african economy, which is down by 2 000 from the 10 174 000 recorded in the previous quarter. In the last quarter of 2016, the current account deficit was 1. These numbers translate directly into changes in the global. This th edition of the african economic outlook underscores the continents resilience to regional and global headwinds. Economic outlook expectations of senior bankers in. Africa outlook 2016 5 in theory, high economic growth should be accompanied by an incursion of winning companies in a given region. Africas growth and growth prospects, by subregion, 20162020. The outlook for subsaharan africa is marked by low commodity prices. The performance of and outlook for the south african economy introduction ladies and gentlemen, good morning.
The end of the drought should see a massive rebound in agricultural production. This annual report examines africa s performance in crucial areas. South africa sees its growth outlook sag further on lack of sufficient regulatory reforms and repair 10 th january 2020. Botswana has experienced boombust cycles, two of which have occurred since the turn of this century. The african economic outlook was prepared by a consortium of four teams from the african development bank afdb, the oecd development centre, the united nations development programme undp and the united nations economic commission for africa uneca. Address the infrastructure deficit in special economic zones and industrial parks. Addressing the 2016 mediumterm budget policy statement, dubbed the mini budget, finance minister pravin gordhan announced that the treasury had revised south africas economic growth from 0. Political stability and sound macroeconomic management continue to promote investor confidence. Launch of the oecd economic outlook, june 2016 oecd. The african development bank, the oecd development centre and the united nations development programme partner to produce this annual report. The annual report african economic outlook published by the african development bank afdb, the oecd development center and the united nations in 2017 shows that with a vibrant private sector, entrepreneurship and vast resources, africa has the potential to grow faster and in a more inclusive way. Between 2000 and 2016, africa experienced strong economic. Africa economic outlook jeanchristophe batlle, managing.
The african economic outlook aeo was prepared by a consortium of three teams from the african development bank afdb, the oecd development centre and the united nations development programme undp. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. Firstly the share of mining in gdp stood at 11% in 1994, but has steadily declined over an eighteen year period to its current 5% in 2012. What the past five years have proved, however, is that africa s economic lions need to improve their fitness in order to make the most of their potential and continue their march towards prosperity. The african economic outlook 2015 analyses africas growing role in the world economy and predicts the continents twoyear prospects in crucial areas.
This report presents the continents current state of affairs and forecasts its situation for the coming two years. African economic outlook 2016 algeria angola benin botswana burkina faso burundi cabo verde cameroon central african republic chad comoros congo congo, dem. We support the implementation of the african unions strategic vision at continental, regional, national and local levels by coproducing cuttingedge data and analysis with our african member states and partners, and facilitating an open dialogue on policies to accelerate that transformation. African development bank launches the 2018 edition of the. North africa economic outlook 2018 indiaenvironmentportal. Economic predictions can sometimes be guess work or very subjective so, for a balanced view, we interviewed 5 leading africa focused economists and analysts from african and global banking giants to give their views on the economic outlook for africa in 2016. Commodity prices are expected to stabilize but remain low through 2017 figure 2.
The ensuing institutional deadlock prevented parliament from meeting in 2016. As a regional manufacturing hub, it is the most industrialized and diversified economy on the continent. The outlook for the domestic economy has worsened on the covid19 pandemic, we now forecast 0. Burundi economic outlook 2016 the story behind the numbers. This calls for substantial financial resources at a time when the global development finance landscape is changing. Structural change and poverty reduction simulations between 2006 and 2016. The african economic outlook aeo celebrates its 15th edition this year. Subsaharan africa is published twice a year, in the. The team included francisco arizala, wenjie chen, larry qiang cui, jesus gonzalezgarcia, cleary haines, dalia hakura, mumtaz hussain, ahmat jidoud, montfort mlachila. This month, our panel of economic analysts cut the outlook for subsaharan africa for the third consecutive period amid low commodity prices and weak growth among the regions main trading partners. This site is powered by keepeek 360, digital asset management for business. Facing the growing unemployment challenges in africa.
Middle east and north africa regional economic outlook. Ongoing food price inflation, and its knockon effects on manufactured food prices, is pushing up south africa 1. Political stability and sound macroeconomic management continue to. African economic outlook 2012 african development bank. The data and projections cover 45 subsaharan african countries in the imfs african department. In this regard, the federal government has developed a framework in the nigeria economic recovery and. A rise in confidence in early 2018 and the recent upward revision of national accounts for the period 2015 to 2017 suggest that the country is recovering from a difficult 2015 and 2016, which marked the end of the supercommodity cycle and severe drought.
Economic outlook no 95 may 2014 longterm baseline projections. The situation improved in 2016 due to recessionno growth in many major countries net fdi flows, at around 2% of regional gdp in 201516, are not enough to cover the external deficit large external deficits due to commodities drop source. The report, which forecasts the outlook for subsaharan africa in 2016 and 2017. The imf still forecasts that africa will be the secondfastest growing region in the world between 2016 and 2020 with annual growth of 4. United nations economic commission for africa, and the african development bankthe cfta has the potential to provide new impetus and dynamism to economic integration in africa. The performance of and outlook for the south african economy. The economy of south africa is the second largest in africa, after nigeria. China economic outlook first quarter 2016 a global outlook of anae 2 mic and more fragile growth the intensification during the last quarter of 2015 of some of the risk clusters with a global impact led to a further downward revision of world economic growth forecasts for this year. The african development bank is launching the 2018 edition of its yearly flagship report, the african economic outlook aeo, on wednesday, january 17, 2018 at its headquarters in abidjan.
Broadbased economic activity is expected to recover at a slow pace, but the outlook remains modest, given the diverging growth patterns for the regions economies. Imf world economic outlook, world bank development indicator, thomson reuters datastream. Smes outlook on the state of the economy industries in 6 months 2016 2018. Key messages africa s growth remains largely unchanged, despite low commodity prices and slow pick up in trade. The pace of economic growth was moderate in 2016, with the economy growing by 3. Government debt rose further in south africa, owing to. This has inspired much optimism about the regions prospects to. Paris, 1 june 2016 as prepared for delivery ministers, ambassadors, ladies and gentlemen, lets now move to the next session of our joint oecd forum and ministerial council meeting. At 27%, the unemployment rate is weighing on household consumption and driving up inequalities. This is a very pertinent topic, which could not be more relevant at this stage.
The african economic outlook aeo 2017 african development. South africas economic growth outlook revised from 0. The economic growth estimate for 2016 has been revised down to 0. Between 1960 and 2016, the countries in ssa grew at an.
Africas sustainable economic and social transformation is a global priority. Jan 17, 2016 a new economic report by focuseconomics paints a bleak picture for the south african economy in 2016 and 2017. Subsaharan africarestarting the growth engine, 2017 april. Top 20 largest economies in africa 2020 information. Consequently, the question arises whether an agile private sector has emerged across the continent in pursuit of economic growth hotspots. Europe, as allowed by the terms of south africas economic partnership agreement with the. In 20, africa grew by about 4%, on average, compared. It is the home of the black race as well as the second most populous continent across the globe. World economic and financial surveys regional economic.
The economy sank into a technical recession in the fourth quarter of last year as unprecedented rolling blackouts took their toll, with manufacturing, agriculture and transport the worst affected sectors. Economic outlook and financial sector challenges speech by vitor constancio, vicepresident of the ecb, at the 19th euro finance week. Thank you to the economist for inviting me to come and address you on the topic the performance of and outlook for the south african economy. Since then, however, it has gone through a period of uncertainty. The african economic outlook aeo presents the current state of economic and social development in africa and projects the outlook for the coming two years. Foreword the african economic outlook aeo celebrates its 15th edition this year. Looking forward, african economic growth is projected to accelerate to 4percent in 2019. The african economic outlook 2017 presents the continents current state of affairs and forecasts its situation for the coming two years.
This forecast would change in the event of a deteriorating global economy. Unless otherwise noted, data and projections presented in this regional economic outlook are imf staff estimates as of 25 march, 2016, consistent with the projections underlying the april 2016 world economic outlook. Imf sees subdued growth outlook for subsaharan africa. Government debt indicators continued to deteriorate in the region in 2017, with the median debttogdp ratio rising to 53 percent from 48 percent in 2016. Ethiopia faced severe drought in 2015 requiring emergency food and aid in 2016 and. Gross domestic product gdp of africa from 1995 2016. Economic outlook 2016 5 gdp according to the bmi, burundi will post an economic growth of 1. Into africa, focuses on the african economic outlook in 2016. The recovery is projected to strengthen in 2017 and beyond, driven primarily by emerging market and developing economies, as conditions in stressed economies start gradually to normalize.
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