Sunday, October 26, 2008

Economist - Is the financial turmoil an opportunity for africa?

Economist offers a unique view of the global financial crisis and the impact or opportunity that may effect Africa.

Oct 9th 2008
From The Economist print edition

With world markets in turmoil, an unexpected and overlooked continent may benefit from its very isolation

TAKE a snapshot of the main news stories around Africa. In Nigeria, its most populous country, the insurgency in the oil-producing Delta region grows fiercer by the day. Zimbabwe’s agony continues as President Robert Mugabe and the new prime minister, his opponent in the last election, Morgan Tsvangirai, fail to agree on the composition of a face-saving coalition government; meanwhile, the country’s official rate of inflation has topped 11m%, with the unofficial rate put at more than 531 billion%. The president of Sudan, Africa’s largest country, has officially been accused of genocide and war crimes by the International Criminal Court. In Somalia, the tragedy of a lawless and ungoverned country only gets worse. Even in South Africa, the continent’s biggest economy, political uncertainty has set in after the ousting of the former president, Thabo Mbeki, in a bitter political feud.

Yet all this has been accompanied by a steady drumbeat of optimism about the continent, and confidence in its prospects. Despite the litany of problems, the 48 countries of sub-Saharan Africa (hereafter referred to as plain Africa) are, by several measures, enjoying a period of unparalleled economic success. And despite the turmoil in the world’s financial markets, international investors still think they can make money there.

In 1990-94 annual GDP growth was a weak 0.9%; since then, growth has averaged closer to 5% (see chart 1). Before this autumn’s financial meltdown, the IMF was predicting GDP growth of 6.6% this year; now it is predicting only a slightly lower rate. Annual GDP growth per person was 1.1% in the late 1990s; from 2004 to 2006 it was around 4%. In 1990 47% of Africans lived in poverty; in 2004 41% did and, if present trends continue, only 37% will by 2015. Zimbabwe apart, most African countries have been bringing inflation down, even if the trend is now creeping up again, in line with the rest of the world.


  1. 艾葳酒店經紀提供專業的酒店經紀,酒店上班,酒店打工、兼職、酒店相關知識等酒店相關產業服務,想加入這行業的水水們請找專業又有保障的艾葳酒店經紀公司!
    艾葳酒店經紀是合法的公司、我們是不會跟水水簽任何的合約 ( 請放心 ),我們是不會強押水水辛苦工作的薪水,我們絕對不會對任何人公開水水的資料、工作環境高雅時尚,無業績壓力,無脫秀無喝酒壓力,高層次會員制客源,工作輕鬆。


You are welcomed to leave a message!

Related Posts Plugin for WordPress, Blogger...