economic growth - The African Mirror

Sep

2021

Whistleblowers are key to fighting corruption in South Africa. It shouldn’t be at their peril

NUMEROUS corruption scandals have been reported in South Africa in recent times. The extent of corruption in the country has been laid bare at the judicial commission probing allegations of state capture over the past three years. Corruption can impede a country’s economic growth, and undermine democratic principles, stability and trust. MONRAY MARSELLUS BOTHA, Head of Department & Associate Professor, University of Pretoria Whistle-blowing is one of the mechanisms used to deter corruption. It plays a role in encouraging accountability, transparency and high standards of governance in both the private sector and public institutions. Whistleblowers help combat criminal conduct and…

Sep

2021

By The African Mirror

Economic “bounce” in Africa higher than expected

BUSINESS

CONRAD ONYANGO, BIRD AFRICA’S economy is starting to recover, despite being in the midst of a pandemic, the recently published Africa Risk-Reward Index 2021 shows. Control Risks and Oxford Economics Africa analysts, who jointly produced the index, project that the continent’s economy will grow by 4.4 percent in 2021, citing reduced COVID-19 caseloads despite slow vaccine rollout. Not even the third wave of COVID-19 including an outbreak of the more deadly "Delta" variant has stopping African economies from growing, the index results show. “Economies are starting to recover and the virus is no longer an all-consuming issue infringing on every…

Jun

2021

By The African Mirror

Nigerian growth lags Africa, poverty rising, says World Bank

BUSINESS

NIGERIAN economic growth has resumed after the COVID shock but is lagging the rest of sub-Saharan Africa, with food inflation, heightened insecurity and stalled reforms slowing growth and increasing poverty, the World Bank has said. Presenting its six-monthly update on development in Africa's most populous country, the organisation gave a GDP growth forecast for Nigeria of 1.9% in 2021 and 2.1% in 2022, compared with 3.4% this year and 4.0% next year for sub-Saharan Africa. Lead economist for Nigeria Marco Hernandez said inflation, especially in food prices, was exacerbating poverty and food insecurity. Food accounted for almost 70% of Nigeria's…

May

2021

By The African Mirror

Africa Goes Digital

THOUGHT LEADERSHIP

CRISTINA DUARTE IN rebuilding after COVID-19, policymakers must invest in innovative technology to leapfrog obstacles to inclusive development. Africa has enjoyed strong economic growth for most of the 21st century, mainly because of robust global demand for primary commodities. But the “Africa Rising” narrative that accompanied this growth is mostly a story of rising GDP, which is overly one-dimensional. In fact, Africa’s economic growth has failed to generate many good jobs—postponing, once again, the benefits of the demographic dividend of a large working-age population. Because there are fewer old and young people that require support than people of working age,…

May

2021

By The African Mirror

Global economic growth to mask widening inequality in 2021, U.N. says

BUSINESS

MATTHEW LAVIETES THE world economy will fare better this year than previous projections indicated, but a slow roll-out of COVID-19 vaccines in many developing countries will hamper their economic recoveries, the United Nations said on Tuesday. Global economic growth is expected to reach 5.4% this year, bouncing back from 2020's contraction of 3.6% and picking up from forecasts issued in January, according to the latest World Economic Situation and Prospects report. However, the growth outlook in some nations in South Asia, sub-Saharan Africa and Latin America remains "fragile and uncertain", due to slow vaccination progress, said the report by the U.N.…