Gross domestic product gdp of africa from 1995 2016. The team included francisco arizala, wenjie chen, larry qiang cui, jesus gonzalezgarcia, cleary haines, dalia hakura, mumtaz hussain, ahmat jidoud, montfort mlachila. Assuming the full implementation of a comprehensive reform agenda following the autumn 2016 parliamentary elections, economic growth could accelerate and sustainably exceed 3. The economic outlook for subsaharan africa ssa is positive, with growth rising to 5. Address the infrastructure deficit in special economic zones and industrial parks. Key messages from new oecd interim economic outlook. Burundis economic growth contracted by an estimated 7% in.
The report, which forecasts the outlook for subsaharan africa in 2016. The economy of south africa is the second largest in africa, after nigeria. Indicates a decline in projections relative to april 2016 reo update. This has inspired much optimism about the regions prospects to. Cote divoire djibouti egypt equatorial guinea eritrea ethiopia gabon gambia ghana guinea guineabissau kenya lesotho liberia libya madagascar malawi mali mauritania mauritius. 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. The economic outlook for the southern africa region is cautious. A new economic report by focuseconomics paints a bleak picture for the south african economy in 2016 and 2017.
Botswana has experienced boombust cycles, two of which have occurred since the turn of this century. 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. South africa economy gdp, inflation, cpi and interest rate. 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.
African development bank launches the 2018 edition of the. The african economic outlook aeo celebrates its 15th edition this year. The outstanding amount is calculated based on nonfinancial. Middle east and north africa regional economic outlook october 19, 2016. Overview outh africas gdp growth forecast for 2019 has been revised to. The global economic growth outlook has improved, but is clouded by policy uncertainty as. Burundi economic outlook 2016 the story behind the numbers. In short, the share of mining in national output has more than. World economic and financial surveys regional economic. This annual report examines africas performance in crucial areas.
Africa amount to usd 50 billion annually auceca, 2017. Commodity prices are expected to stabilize but remain low through 2017 figure 2. 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. The performance of and outlook for the south african economy. At 27%, the unemployment rate is weighing on household consumption and driving up inequalities. Between june 2015 and december 2016, four prime ministers were dismissed. The end of the drought should see a massive rebound in agricultural production. Ongoing food price inflation, and its knockon effects on manufactured food prices, is pushing up south africa 1. Launch of the oecd economic outlook, june 2016 oecd. African economic outlook 2016 sustainable cities and structural transformation.
Upper middleincome countries turned in low and declining rates of growth. In 20, africa grew by about 4%, on average, compared. This 14th edition analyses regional development and spatial inclusion challenges faced by the continent. Structural change and poverty reduction simulations between 2006 and 2016. Europe, as allowed by the terms of south africas economic partnership agreement with the. Subsaharan africa reo was prepared by a team led by celine. 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. In this regard, the federal government has developed a framework in the nigeria economic recovery and growth plan 201720.
This april 2016 issue of the regional economic outlook. Economic outlook 2016 5 gdp according to the bmi, burundi will post an economic growth of 1. The african economic outlook 2015 analyses africa s growing role in the world economy and predicts the continents twoyear prospects in crucial areas. 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. Looking forward, african economic growth is projected to accelerate to 4percent in 2019. During the year that followed the return to constitutional order in 2014, guineabissau experienced positive momentum. African economic outlook 2016 algeria angola benin botswana burkina faso burundi cabo verde cameroon central african republic chad comoros congo congo, dem. 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. Economic outlook expectations of senior bankers in.
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. 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. 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. Keeping the balance in a deflationary period 14 global financial markets outlook. Facing the growing unemployment challenges in africa. Gross domestic product gdp of africa from 19952016. As a regional manufacturing hub, it is the most industrialized and diversified economy on the continent. 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. The african economic outlook 2017 presents the continents current state of affairs and forecasts its situation for the coming two years. Authors calculations based on imf 2018, world economic outlook. Pdf african economic outlook jethro reeves academia.
Opening conference, frankfurt am main, 14 november 2016. These numbers translate directly into changes in the global. The ensuing institutional deadlock prevented parliament from meeting in 2016. Economic overview in brief the south african economy, which grew by an estimated 0. The outlook for subsaharan africa is marked by low commodity prices. Africas integration into the global economy oecd ilibrary. This is a very pertinent topic, which could not be more relevant at this stage. 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. 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. Increasing the efficiency of public spending to boost growth inflation will peak by the end of 2016 before declining slowly in 2017. African economic outlook 2012 african development bank.
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. The annual african economic outlook aeo monitors the continents state of affairs. Excluding south africa, the continents largest economy, growth in subsaharan africa is forecast to rise to 6%. Mobilize domestic resources through welltargeted subsidies and rigorous collection of fees through the application of icts. Global economic prospects january 2018 economic outlook. Africa s general economic performance continues to improve, with gross domestic product growth reaching an estimated 3. Middle east and north africa regional economic outlook. Political stability and sound macroeconomic management continue to. Subsaharan africa is published twice a year, in the. 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. This report presents the continents current state of affairs and forecasts its situation for the coming two years. The pace of economic growth was moderate in 2016, with the economy growing by 3. Key messages africa s growth remains largely unchanged, despite low commodity prices and slow pick up in trade. Jan 17, 2016 a new economic report by focuseconomics paints a bleak picture for the south african economy in 2016 and 2017.
This annual report examines africa s performance in crucial areas. This 14th edition analyses regional development and spatial inclusion challenges faced. South africa sees its growth outlook sag further on lack of sufficient regulatory reforms and repair 10 th january 2020. In this regard, the federal government has developed a framework in the nigeria economic recovery and. Between 2000 and 2016, africa experienced strong economic. May 09, 2017 the areas gross domestic product will probably expand 2. Top 20 largest economies in africa 2020 information. The african economic outlook aeo 2017 african development. Moroccos economic outlook spring 2016 the latest mena economic monitor report spring 2016, expects moroccos growth to slow down to 1. The african economic outlook 2015 analyses africas growing role in the world economy and predicts the continents twoyear prospects in crucial areas. The imf still forecasts that africa will be the secondfastest growing region in the world between 2016 and 2020 with annual growth of 4. 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.
African economic outlook 2016 african development bank. Pdf how sustainable cities can contribute to africas. Imf world economic outlook, world bank development indicator, thomson reuters datastream. Government debt rose further in south africa, owing to.
Kenya has sophisticated entrepreneurship by regional standards but could increase its global footprint through increased investments in information technology. 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. Between 1960 and 2016, the countries in ssa grew at an. Foreword the african economic outlook aeo celebrates its 15th edition this year. World economic and financial surveys regional economic outlook. Colin coleman noted that africa s new winning companies. Attract more private funding to infrastructure projects, focusing on risk.
Economic outlook no 95 may 2014 longterm baseline projections. Minister gordhan delivered the most crucial mediumterm budget in his political career. The report, which forecasts the outlook for subsaharan africa in 2016 and 2017. This calls for substantial financial resources at a time when the global development finance landscape is changing. 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. 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. Africas sustainable economic and social transformation is a global priority. 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. An investment and growthsupportive outcome is likely to result in a gradual economic recovery. Africa outlook 2016 5 in theory, high economic growth should be accompanied by an incursion of winning companies in a given region. South africas economic growth outlook revised from 0. 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. Since then, however, it has gone through a period of uncertainty. The economic growth estimate for 2016 has been revised down to 0.
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. This th edition of the african economic outlook underscores the continents resilience to regional and global headwinds. Smes outlook on the state of the economy industries in 6 months 2016 2018. North africa economic outlook 2018 indiaenvironmentportal. The economy recovered in 2016, after it suffered another setback when economic growth contracted in 2015 because of weak demand for diamond exports and.
Allan gray south africas economic outlook deteriorates. Oil prices bonny light have also risen steadily from an average of usd 44. Economic outlook and financial sector challenges speech by vitor constancio, vicepresident of the ecb, at the 19th euro finance week. Prior to president zumas decision to fire finance minister pravin gordhan, south africas economic prospects had been improving. 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. The african economic outlook 2016 presents the continents current state of affairs and forecasts its situation for the coming two years. 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. 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. Political stability and sound macroeconomic management continue to promote investor confidence. The data and projections cover 45 subsaharan african countries in the imfs african department. Africas growth and growth prospects, by subregion, 20162020. Africa economic outlook jeanchristophe batlle, managing director for africa. Subsaharan africarestarting the growth engine, 2017 april.
Ethiopia faced severe drought in 2015 requiring emergency food and aid in 2016 and. Taking this into account, the exercise calculates the amount. 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. 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. Economy still driven by agriculture and construction 2. The outlook for the domestic economy has worsened on the covid19 pandemic, we now forecast 0. This forecast would change in the event of a deteriorating global economy. Imf sees subdued growth outlook for subsaharan africa. 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.
This site is powered by keepeek 360, digital asset management for business. In the last quarter of 2016, the current account deficit was 1. Into africa, focuses on the african economic outlook in 2016. 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. 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. 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. Africa economic outlook jeanchristophe batlle, managing. The performance of and outlook for the south african economy introduction ladies and gentlemen, good morning.
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