africa low on agenda at world economic forum
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

Africa low on agenda at World Economic Forum

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleAfrica low on agenda at World Economic Forum

An attendee arrives in the Congress Hall during the World Economic Forum
Davos, Switzerland - Arab Today

In this Swiss Alps town where the global elite have gathered to debate the world’s problems, there seems to be little room on the radar for Africa, a continent of over a billion people where a commodity-fueled growth boom has soured with a vengeance.
Sub-Saharan Africa’s economies, described a few years ago by consultancy McKinsey as “lions on the move,” likely expanded just 1.6 percent last year according to the World Bank — the slowest rate in two decades and one that lags the continent’s galloping population growth.
This week, investors were reminded afresh of Africa’s fragile record on democracy and governance.
These issues seem a world away from the rich slopes of Davos, particularly this year when many political and business leaders are preoccupied with the inauguration of President Donald Trump and fractures in Europe.
“A combination of politics and populism is continuing to take precedence on a worldwide basis compared to Africa,” Robert Moritz, global chairman of consultancy PWC, told the Reuters Global Markets Forum in Davos.
“Africa has a lot of long-term potential but people are questioning how quickly they can realize that potential so they are not spending as much time on that compared to the rest of the world,” Moritz added.
That shift coincides with a lackluster economic picture.
Not too long ago, in around 2010-2014, Davos attendees were captivated by the Africa Rising narrative.
Inspired by buoyant oil and commodity revenues, investors seized on faster economic growth than in the past and compared with the developed world, rising incomes and even peaceful political transitions, as proof of a structural shift. Now, that optimism has reversed.
Nigeria, Africa’s biggest economy, is in recession, and in danger of a currency crisis. The continent’s most industrialized economy, South Africa, celebrated for its post-apartheid democratic transformation, is struggling with sluggish growth and political squabbles that could see it lose its investment grade credit rating this year.
There have also been outbreaks of violence, even in Ethiopia and Ivory Coast — the African success stories of recent years.
Recent UN data showed that while stock and bond investment into Africa collapsed in 2016, “direct” bricks-and-mortar investment held steady at $82 billion.
The CEO of private equity firm Abraaj told Reuters that Africa was core to its investment plan and he would be keen to buy Barclays’ Africa business.
Charles Robertson, global chief economist at Renaissance Capital, compares East African states Rwanda, Kenya, Tanzania, Uganda and Ethiopia to South Korea in 1960, poverty-stricken before its industrial boom.

Source: Arab News

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

africa low on agenda at world economic forum africa low on agenda at world economic forum

 



Themuslimchronicle, themuslimchronicle

GMT 08:32 2011 Monday ,25 July

Sabri accuses Yusri in Souad Hosni’s murder

GMT 12:07 2014 Monday ,03 February

Home design ideas

GMT 11:20 2017 Thursday ,02 March

Mexico central bank cuts growth outlook over Trump

GMT 08:31 2017 Tuesday ,28 November

Bangladesh upholds death sentence for 139 soldiers

GMT 14:33 2017 Thursday ,20 April

US defense secretary vows support for Egypt's Sisi

GMT 16:12 2017 Wednesday ,20 December

Myanmar bars UN rights investigator just before visit

GMT 08:21 2017 Wednesday ,30 August

United Technologies near deal to buy Rockwell Collins

GMT 18:27 2017 Friday ,21 April

ARCO condemns targeting of ERC convoy in Somalia

GMT 07:23 2017 Tuesday ,21 November

perched in Jerusalem's hills may soon vanish

GMT 19:33 2017 Tuesday ,10 October

US scientists engineer corn to boost protein

GMT 08:43 2017 Monday ,04 December

Brexit deal 'difficult but doable': diplomats

GMT 11:24 2017 Friday ,03 March

Lego honors 'Women of NASA'

GMT 11:35 2017 Tuesday ,05 December

Bahrain's top Shiite cleric hospitalised

GMT 21:39 2017 Saturday ,30 September

Abdel Karim praises Egypt’s role

GMT 10:11 2017 Tuesday ,12 December

Latest Grateful Dead resurrection -- a duo

GMT 15:43 2017 Monday ,04 December

Yemen's Huthi rebels claim ex-president Saleh killed

GMT 15:59 2017 Thursday ,30 November

Bahrain Bourse daily trading performance
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle