take a selfie with East African journalists who have joined NMG's 2021 graduate trainee programme on September 3, 2021. . Growth in public sector compensation has seen a significant reduction in estimated expenditure. These are based on the following goals: • Increasing investment in infrastructure, • Encouraging private sector investment and private-public partnerships through efficiency reforms.15. The government aims to solve this by unlocking private-public partnerships in energy, which will raise investment, create jobs, lessen the crippling energy supply constraint and build confidence in the ability to expand operations in the country. On August 18, the government extended the 10 pm to 4 am curfew for 60 days and extended the ban on political rallies, meetings, and gatherings following a sharp rise in national COVID-19 cases. 15 February 2021. This will allow government to manage borrowing requirements in coming years without interest costs escalating, as rapidly as seen over the last few years. Simply select text and choose how to share it: Email a customized link that shows your highlighted text. She was responsible for driving the agency’s growth into Africa from 2014 to 2019. October 28, 2019 Regional Economic Outlook: Middle East and Central Asia Description: The impact on growth in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region from global headwinds remains muted thus far, while growth in the Caucasus and Central Asia (CCA) region is stable. Nancy Booker, Director of Academic Affairs at the Aga Khan University Graduate School of Media and Communications (centre), Nation Media Group (NMG) Editorial Director Mutuma Mathiu (second right), Daily Nation Executive Editor Pamela Sittoni (right) take a selfie with East African journalists who have joined NMG's 2021 graduate trainee programme on September 3, 2021. Sam Rolland is a South African-Irish economist working in Actuarial & Analytical Solutions at Deloitte Africa. 29 Sep, 2021 06:30. International rating agency S&P has improved its outlook for Russia's GDP growth this year to 4% from its previous forecast of 3.7%, according to a survey released on Tuesday. Though growth in Kenya, Ethiopia and Tanzania has slowed, it continues to be positive. However, consumption strongly bouncing back at the end of 2020 and an improvement in revenues collected during the latter half of the year have led to a lower-than-expected debt-to-GDP ratio. The debt-to-GDP ratio has been revised upward with each budget and MTBPS release since fiscal consolidation came into focus around 2017, following a countercyclical response to the downturn as described in the 2014 budget.6 This marks the first budget in a number of years where the debt trajectory is lower than seen in the preceding MTBPS. Found inside – Page 1Global growth is forecast at 3.0 percent for 2019, its lowest level since 2008–09 and a 0.3 percentage point downgrade from the April 2019 World Economic Outlook. Centum is the largest listed investment company in East Africa, with an asset base of approximately Kshs 57 Billion (USD 535mm) up from Kshs 6 Billion (USD 60mm) at the time when James took over the leadership of the organization. This is the United Nations definitive report on the state of the world economy, providing global and regional economic outlook for 2020 and 2021. Where tax increases have been implemented, they have been focused on tax bracket adjustment and above-inflation increases on alcohol and tobacco excise duties. See Terms of Use for more information. The latest budget has taken a hard line on cuts to compensation growth, proposing an effective cut of R300 billion to the wage bill, achieved through a combination of R160 billion worth of cuts from the 2020 budget and R143 billion over the medium term. Sub-Saharan Africa will be the world's slowest growing region in 2021, and risks falling further behind as the global economy rebounds. In 2018, the World Bank launched the Human Capital Index (HCI), which is designed to highlight how improvements in current health and education outcomes will shape the productivity of the next generation of workers. While the special COVID-19 social relief of distress grant is extended to April 2021, overall grant spending is expected to increase by less than the inflation rate in 2021–22. The Macro Poverty Outlook (MPO) analyzes macroeconomic and poverty developments in 18 developing countries in Middle East and North Africa. Please see www.deloitte.com/about to learn more about our global network of member firms. The country’s debt-to-GDP ratio first exceeded the average of emerging and developing economies in 2011, at 38.2% compared with 36.6%. Hannah Marais (née Edinger) leads the Insights team at Deloitte Africa, which specialises in producing cross-industry research and thought leadership for clients, formulating strategies and evaluating commercial opportunities in Africa and its neighbouring markets as well as cross-continental collaborations. Adhering to these projections will go a long way to showing a commitment to fiscal discipline to capital markets. The Middle East and Africa Mycoplasma Testing in Clinical Industry data presented in the credible report . Embrace the optimism. WFP; Posted 23 Jul 2021 Originally published . This is a critical year to revisit economic hopes for the region. Statistical Appendix. Prospects for emerging market and developing economies have been marked down for 2021, especially for Emerging Asia. Real GDP growth in . ET 28 Jul 2021. Marais joined Deloitte Africa in 2015 through acquisition, after being a founding member of Frontier Advisory. Following the 2020 MTBPS, debt was expected to stabilise at 95.3% of GDP in 2025–26.4 With the pandemic still raging and economic lockdown measures continuing globally, there was speculation that debt may climb even higher to fund the COVID-19 vaccine or additional liabilities, before stabilising later. Doi: 10.1596/978-1-4648-1699-4. On February 16, Jihad Azour discussed the regional outlook in MENA in 2021. The massive stimulus has also highlighted the country’s desperate need to achieve policy certainty, implement changes at state-owned enterprises and adopt fiscal prudence. PwC's South African Economic Outlook 2021 (Septmber) report updates our different forward-looking scenarios for the South African economy in 2021-2022.Our economic forecasts are influenced by assumptions about the adverse impact of COVID-19 lockdown restrictions, electricity load-shedding and July's unrest, combined with the . Found insideThe January edition includes in-depth analyses of topical policy challenges faced by these economies, while the June edition contains shorter analytical pieces. Found inside – Page 554.1 Regional split of GDP growth 2017–2021 (excl. ... Despite this negative effect, some countries, mainly in East Africa (Kenya, Uganda, Tanzania, ... Publications range from in-depth reports and thought leadership examining critical issues to executive briefs aimed at keeping Deloitte's top management and partners abreast of topical issues. Show full item record. Real-world client stories of purpose and impact, Taking action against systemic bias, racism, and unequal treatment, Key opportunities, trends, and challenges. Economic conditions in sub-Saharan Africa have remained generally robust despite a sluggish global economy. © 2021. Sponsored by. Opinion. Part I of this report discusses the short- and medium-term growth prospects for countries in the Middle East and North Africa (MENA). Digitization is key to advancing financial inclusion. Found insideThis is the United Nations definitive report on the state of the world economy, providing global and regional economic outlook for 2020 and 2021. Against the backdrop of enhanced European Union (EU) accession prospects and a drive towards deeper . Read more Real GDP growth in East Africa from 2020 to 2022, by country Nigeria: Economic Outlook for 2021 Not Good. M ining and quarrying recorded the highest growth of 10.2% attributed to an increase in the production of gold, coal . Found insideThe African Continental Free Trade Area (AfCFTA) represents a historic opportunity for the continent to boost intra-African trade and accelerate structural transformation. Found insideThe OECD Economic Outlook is the OECD's twice-yearly analysis of the major economic trends and prospects for the next two years. East Africa is a key region for many multinational business hub . Hanns Spangenberg is a senior consultant and an economist within Actuarial and Analytics Solutions at Deloitte Africa. Found insideThe 2021 edition of the Bank's annual African Economic Outlook, issued in March, urged the acceleration of the delivery of COVID-19 vaccines to Africa, ... She holds a master’s degree in economics from the University of Stellenbosch. Furthermore, from 2011 to 2019, emerging and developing economies have averaged 4.8% real GDP growth, compared with South Africa’s stagnant 1.5%.3. Found insideThis edition will also document trends in inequality and identify recent country experiences that have been successful in reducing inequalities, provide key lessons from those experiences, and synthesize the rigorous evidence on public ... The outlook for growth in MENA has been lowered to 0.6% in 2019. Africa's economic outlook continues to brighten. Debt-service costs have outpaced expenditure in health and basic education programmes for 2021–22,2 thereby remaining the fastest-growing line item in the budget. World Bank economists expect GDP growth in the Middle East and North Africa (MENA) to continue at a modest pace of 1.5 percent in 2019, slightly down from 1.6 percent in 2018. This book focuses on regional integration in the EAC and argues that the establishment of a time table for the eliminating the sensitive-products list and establishing a supranational legal framework for resolving trade disputes are ... An Article Titled South Africa already exists in Saved items. The sharp contraction in 2020, due to enforced shutdowns and the resulting lack of economic activity, resulted in a high expected growth rate of 3.3% in 2021 due, in part, to base effects. 13:00 14:00. The cuts to the social grant system are likely to cause significant hardship and unrest over the next three years. Chapter 1 examines Africa's growth performance and outlook amid the COVID-19 pandemic. East Africa Outlook East Africa's GDP grew by an estimated 1.3% in 2020. As a result, and in line with global trends, South Africa’s debt rose sharply in 2020. After suffering the worst downturn in at least 40 years in 2020, the global economy has begun clawing its way back this year. This show of commitment will, in turn, have a positive knock-on effect on borrowing costs, given that South Africa should be able to borrow at lower rates. Fitch's Sector Outlook: Stable Most sovereigns in the Middle East and North Africa (MENA) will register improving growth and fiscal and external balances in 2021 as economies bounce back from the coronavirus shock, oil prices recover, and stimulus measures are eased. Between 2015 and 2019, GDP per capita fell by an annual average of 1% (figure 3). A much-speculated-over ‘wealth’ or ‘solidarity’ tax was not announced. However, with recent violence in Ethiopia attracting global concern and tension mounting around next week's election in Uganda, could the region be destabilised? In doing so, we hope that Foresight Africa 2021 will promote a dialogue on the key . Outlook The regional economy is projected to recover only What will the AfCFTA mean for the region, what strides have been made so far to harmonise common policies to encourage regional investment? Regional Economic Outlook for Sub-Saharan Africa, April 2021 April 15, 2021 Description: Despite turning out better than expected, growth in 2020 is estimated to be the worst on record, at -1.9 percent, leading to a large increase in poverty. By clicking "Accept", you agree to our use of cookies. . Leading the way are six economies among the world's 10 fastest growers: Rwanda, Ethiopia, Côte d'Ivoire, Ghana, Tanzania, and Benin. COVID-19 and the climate change crisis have pushed more than 7 million people across six countries in East Africa into a hunger . Rwanda Economic Outlook. Pangea-Risk has developed a unique risk scoring system for 68 African and Middle East countries that allows users to compare and contrast ten individual risk perils for each country representing the macro political, economic, and security environment over a forecasted one-year outlook. The sharp contraction in 2020, due to enforced shutdowns and the resulting lack of economic activity, resulted in a high expected growth rate of 3.3% in 2021 due, in part, to base effects. So too did debt projections over the next five years to meet the spending needs that arose from the pandemic, including the funding of continuity support measures to households and businesses along with other economic recovery plans. Global Economic Recovery in Post-Pandemic 2021. The commitment to the five-year fiscal consolidation pathway outlined in the 2020 MTBPS has been buoyed by a lower debt trajectory, which will certainly be well received in capital markets. 22 African countries will grow by +4% and above in 2021. The COVID-19 pandemic has brought into sharp focus the limited space South Africa has to stimulate the economy in the event of a global economic shock, and it has been forced to turn to fiscal consolidation to reel in debt. The Middle East and Africa Frozen Poultry Meat Industry data presented in the credible report helps to recognize . Moreover, the economy in East African countries was projected to recover in 2021 and 2022. This Insider . Read the Spring 2021 issue now. Energy and fuel price increases are expected to persist in 2021, raising overall inflation to 3.9% in 2021 and 3.4% in 2022. Johannesburg, South Africa - 13 January 2021: The Mastercard Economics Institute has released Economy 2021 - a global outlook report providing detailed analysis of the economic impact of COVID-19 including permanent changes in digital consumer spending habits, growth of online banking, fintech disruption and opportunities to boost financial . Mid-Year Outlook 2021 About Us Who We Are . While employment recovered by nearly 900,000 workers in the last two quarters of 2020, this pales in comparison with the 2.2 million jobs that were lost in Q2 2020.13 While the expected economic bounce back in 2021 and 2022 will likely add more jobs, many of the jobs lost in 2020 are unlikely to return. "Nigeria's recovery is expected to be weak and gradual under current policies. Thursday, 14 January 2021. According to IMF's April regional report released yesterday, MENA importers in 2021 will record a GDP of 2.3 percent and 4.5 . East Africa Outlook 2021. The global economy is projected to grow 6.0 percent in 2021 and 4.9 percent in 2022.The 2021 global forecast is unchanged from the April 2021 WEO, but with offsetting revisions. The MPO consists of individual country notes that provide an overview of . DTTL and each of its member firms are legally separate and independent entities. The country's economic outlook has deteriorated due to the impact of the Covid-19 pandemic, with the growth expected to remain subdued in 2021. Middle East and North Africa Economic Outlook: Recovery Suren Vardanyan, Economist • Gega Todua, Economist • Alex Cohen, Economist May 2021 Nick then spent 10 years up to 2012 as the Managing Director of Global Integrated Security based out of Dubai, a $250m security and logistics business with operations in Iraq, Afghanistan and across the region. Open interactive popup. The success of keeping spending in check will depend on the ability of the negotiating parties to reach a settlement. Published: January 27, 2021 17:15 Babu Das Augustine . However, growth is too low to meet the needs of growing populations, while risks to the outlook . In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. 90 WORLD ECONOMIC SITUATION AND PROSPECTS 2021 mal conditions in East Africa and lead to increased rainfall in Southern Africa up until the first quarter of 2021. Shoprite nets $10 million from sale of Uganda, Madagascar and Nigeria units. Mastercard Economy 2021 highlights. Middle East economic recovery to be gradual in 2021: IMF Global economy is projected to grow 5.5 per cent in 2021 and 4.2 per cent in 2022. Abstract. National Treasury, Republic of South Africa (RSA), Department of Statistics, South Africa, “, Department of Statistics, South Africa, ”. Fitch Ratings 2021 Outlook: Middle East and North Africa Sovereigns. The 2021 edition of the African Economic Outlook focuses on debt resolution, governance, and growth in Africa. With ongoing rising debt in the medium term, South Africa’s budget bets on cutting spending and private-sector investment as key to changing fortunes. Found inside – Page 63[12] IMF (2020), World Economic Outlook, June 2020: A Crisis Like No Other, ... Crisis on Trade: Recent Evidence from East Africa, Brookings Institution, ... In its latest report, the IMF again revised upward its 2020 economic outlook for the Mideast and North Africa, now outlining just a 3.4% contraction last year, with growth for the region's oil exporters buoyed by a boom for commodities and rise in oil price, which hit $67 a barrel in March. Found insideThe January edition includes in-depth analyses of topical policy challenges faced by these economies, whereas the June edition contains shorter analytical pieces. Middle East & Africa Sugar Substitutes Market is expected to gain market growth in the forecast period of 2020 to 2027. Found inside – Page 21Sub-Saharan Africa: Member Countries of Groupings Oil Exporters Other ... consistent with the projections underlying the April 2021World Economic Outlook. To achieve the planned recovery, South Africa will need to enact a complex set of reforms in the short term that will set up the economy for sustainable growth and allow the country to achieve the socioeconomic and development goals detailed in its National Development Plan. A year into the coronavirus (COVID-19) pandemic, the race between vaccine and virus entered a new phase in the Middle East and Central Asia region, and the path to recovery in 2021 is expected to be long and divergent. Download Report. In the Caucasus and Central Asia, output is projected to rise by 3.7% in 2021, returning to its pre-crisis level. Economic conditions outlook, June 2021. This ratio is expected to stabilise at 5.4 percentage points below the MTBPS trajectory at 88.9% in 2025–26 before beginning a downward trajectory, with a primary surplus expected in 2024–25.5. South Africa's economy is expected to rebound in 2021 and 2022 after the dire impact of COVID-19. Among the largest economies . The budget has taken strong steps towards addressing rising debt levels. Found insideThis is the first comprehensive study in the context of EMDEs that covers, in one consistent framework, the evolution and global and domestic drivers of inflation, the role of expectations, exchange rate pass-through and policy implications ... September 9, 2021. Found insideRenewing the social contract, one of the pillars of the new World Bank Group strategy for the Middle East and North Africa, requires a new development model built on greater trust; openness, transparency, inclusive and accountable service ... Acha Leke Senior Partner and Chairman, Africa Region, . Chapter 1 examines Africa's growth performance and outlook amid the COVID-19 . 2020 was, without a doubt, an extremely turbulent year for the global economy, with lockdowns, sharp trade contraction, accelerated job losses, and supply-chain disruptions. In 2021, the region's economy is expected to resume expansion at 3.4 percent, weaker than the 6 percent for the rest of the world, amid a continued . Our latest Regional Economic Outlook: Sub-Saharan Africa takes a close look at the issues. Vanguard (Lagos) By Dele Sobowale. Even with an expected dip to $57 a barrel by the end . On average, and everywhere but India and developing markets (including the Middle East, North Africa, South Asia, and sub-Saharan Africa), executives' sentiment about their home economies continues to brighten. The subsequent Medium-Term Budget Policy Statement (MTBPS) had to allocate additional resources towards an economic recovery plan, along with an economic stimulus to ensure that the economy is able to build a sustainable recovery after the estimated 7.2% decline in economic output in 2020.1. April 2021. The economic outlook for Sub-Saharan Africa (SSA) is positive, with growth rising to 5.3% in 2012, and 5.6% in 2013, over the pre-crisis average level of 5%. Part I of this report discusses the short- and medium-term growth prospects for countries in the Middle East and North Africa (MENA). Monetary policy adjustments have also helped to cushion the economic impact of the pandemic, with the average interest rate cuts of over 125 basis points. Outlook and risks. Outlook 2021. Sylvia Chahonyo, General Manager, East Africa, GCR Ratings, James Mworia, Group Chief Executive Officer, Centum Investment Company, Nick Arnold, Managing Director, East Africa, GardaWorld. Emerging themes in East Africa 18 Enhancing customer experience 19 . Last updated: 12/03 - 15:30. • Growth in the East Africa Region is primarily driven by the agriculture and tourism sectors. Centum’s focus is to offer investors access to otherwise inaccessible investment grade opportunities across key sectors of the economy, including real estate, power, financial services, agribusiness, manufacturing, and education. Part I of this report discusses the short- and medium-term growth prospects for countries in the Middle East and North Africa (MENA). South Africa’s economy is expected to rebound in 2021 and 2022 after the dire impact of COVID-19. African economy to rebound by +3.2% in 2021. On current forecasts, per capita GDP in many countries is not expected to reach pre-crisis levels until the end of 2025. Europe, Middle East & Africa Latin America Asia . Outlook: Economic activity in the Middle East and North Africa is forecast to recover modestly to 2.1% in 2021, reflecting the lasting damage from the pandemic and low oil prices. At the same time, challenges that are inherently regional have Middle East & Africa Automotive Air Purifier Market Research Report with Size, Share, Value, CAGR, Outlook, Analysis, Latest Updates, Data, and News 2021-2026 Published: July 21, 2021 at 12:38 p.m. Found insideSub-Saharan Africa continues to record strong economic growth, despite the weaker global economic environment. 2021-09-27. The government has indicated that a shift away from income taxes and towards value-added tax (VAT) may be the intended direction for future funding requirements, given already-comparatively high rates of taxation on individuals and companies. The report is released twice annually for the Spring and Annual Meetings of the World Bank Group and the International Monetary Fund. 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