Africa in Fact’s Post

This is an excellent piece , raising critical future- facing questions about the shape and size of state- nonstate relations when the informal outsizes the formal. What happens to regulations and laws such as the health and safety concerns of spaza shops? You can’t just close them all down, they will continue. These are the development paradigms we need to be anticipating and testing- so, for example, as a National Minimum Wage commissioner, I need to be considering how we protect minimum incomes when own -account and piece -job work are already in fact the norm for the poorest workers on the peripheries of the labour market. Recognising the new norms is critical.

The Role of Egypt’s Informal Economy in National Growth When discussing economic growth and considering new solutions, it is crucial to explore innovative avenues that can rejuvenate the national treasury, thereby enabling the state to fulfill its responsibilities towards its citizens. The informal economy represents a significant segment of the overall economy, although it is often seen as a missing piece, classified under unregulated and unofficial economies. Despite its classification, the informal economy plays a vital role, particularly with the state’s numerous efforts to integrate and benefit from it. Read more.. English: https://lnkd.in/drk4Y6TY Arabic: https://lnkd.in/dwcz_fzw #andersenEgypt #andersen #lawfirm #taxfirm #financialadvisory #lawyers #egypt

When we examine the economy in Africa, we witness a notable growth and transformation. Known for its immense cultural and natural diversity, Africa is a promising continent with abundant natural resources and a large population. However, the African economy has faced significant challenges over the past few decades. Challenges Faced: Africa has grappled with challenges such as armed conflicts, extreme poverty, droughts, diseases, and poor political governance. Nevertheless, in recent years, the continent has experienced a notable shift towards economic growth and stability. Foreign Direct Investment: Foreign direct investment (FDI) has played a crucial role in Africa's economic growth. Many African countries have improved their investment climate, streamlined procedures, and enhanced governance, attracting more foreign investments. Additionally, trade liberalization and regional market integration have facilitated the flow of trade and business across the continent. Persistent Challenges: Despite progress, significant challenges persist in Africa's economy. Dilapidated infrastructure, high unemployment rates, technological and innovation gaps, and inadequate education pose obstacles to sustainable economic development. The Road to Sustainable Development: To achieve robust and sustainable economic growth in Africa, African nations need to focus on skills development, education enhancement, infrastructure development, and investment climate improvement. Additionally, promoting innovation, technology adoption, good governance, and anti-corruption measures are crucial steps towards economic prosperity. Opportunities for Growth: The African economy presents immense opportunities for growth and development. Despite existing challenges, ongoing economic and political reforms, investments in infrastructure and skills, and harnessing technological advancements can contribute to economic prosperity and the well-being of African populations.

Economic Diversification in Africa: How and Why It Matters Many African countries have placed economic diversification high on the policy agenda, yet they first need to define what it means in their specific structural and socioeconomic contexts https://lnkd.in/eFxE65Hn

Africa’s economies are growing, but the challenge of jobless growth persists. This article examines actionable solutions to bridge the gap between economic expansion and job creation, ensuring sustainable and inclusive growth for the continent’s future. Read more: #JobCreation #EconomicGrowth #AfricaDevelopment

The East African Community (EAC) has significant potential for economic growth, driven by several key factors: 1. Regional Integration: The EAC has made substantial progress towards regional integration through the establishment of a Customs Union, Common Market, and plans for a Monetary Union. This integration facilitates intra-regional trade and investment, aiming for a larger, unified market which can attract more foreign direct investment (FDI). 2. Economic Diversity and Growth: East Africa has been identified as one of the fastest-growing regions on the continent. The EAC countries like Kenya, Tanzania, Uganda, and Rwanda have shown robust growth in sectors such as agriculture, manufacturing, and services. Specifically, Kenya, Tanzania, and Uganda are expected to have economies exceeding US$100 billion by 2027, indicating a strong upward trajectory. 3. Infrastructure Development: There's been significant investment in infrastructure, particularly through Public-Private Partnerships (PPPs). This includes transport corridors like the Standard Gauge Railway, which enhances connectivity and trade. Continued focus on infrastructure is seen as crucial for economic dynamism. 4. Natural Resources: The region is rich in natural resources, including minerals in the Democratic Republic of Congo and agricultural potential across the member states. Efforts to diversify from traditional sectors into value-added industries could further boost economic growth. 5. Human Capital: With a young, growing population, the EAC has the potential to harness this demographic dividend. However, this requires investment in education, skills, and job creation to match the workforce growth. 6. Challenges to Overcome: Despite the potential, challenges such as political instability, high debt levels, infrastructure bottlenecks, and poverty remain significant. Addressing these issues is vital for sustained growth. The region also faces risks from global economic conditions, climate change impacts, and internal conflicts. 7. International Relations and Investment: The EAC's strategic location and ongoing development projects have attracted attention from global powers like China, whose investments have been pivotal in infrastructure projects. The potential for further international collaboration and investment can amplify growth prospects. 8. Policy and Institutional Framework: The commitment to harmonizing macroeconomic policies, reducing non-tariff barriers, and fostering regulatory cooperation within the EAC can enhance economic performance. The push towards a common currency could further streamline economic activities. Overall, while the EAC has notable potential for economic growth, realizing this potential depends on effectively managing the challenges, enhancing regional cooperation, and leveraging the demographic and natural resource advantages.

"Exciting times ahead for East Africa's economies! With Kenya, Rwanda, and Tanzania leading the charge, the region is set for robust growth. However, global economic shifts and internal challenges loom. Find out how these nations are navigating the road to prosperity! #EconomicGrowth #EastAfrica"

Africa is poised to lead the global economic growth rankings in 2024, with countries such as Niger, Senegal, Ivory Coast, the Democratic Republic of the Congo (DRC), and Rwanda expected to showcase the highest growth rates, according to the Economic Commission for Africa (ECA). This follows Africa's position as the fastest growing region after East and South Asia in 2023. The growth spurt is primarily fueled by a surge in hydrocarbon production and exports, alongside significant investments in agriculture, infrastructure, and the extractive sector. Niger's economic expansion is expected to come from a revival in agriculture and an increase in crude oil production, benefiting the transport sector. However, recent political instability has tempered its growth prospects. Senegal's growth is anticipated due to a boost in private sector and infrastructure projects, even as political events like presidential elections could affect its economic trajectory. The robust expansion in Ivory Coast, DRC, and Rwanda can be attributed to increased infrastructure investment, tourism development, mining industry performance, and economic diversification benefits. Specifically, the DRC's growth is expected from new oilfields and the national strategy to enhance social and investment expenditures. Rwanda benefits from private consumption and investment, while Ivory Coast's growth is driven by pro-competitive market reforms and a favorable National Development Plan. Despite these optimistic forecasts, Africa's economic outlook is not without challenges. The continent's growth, while improving from 2.8% in 2023 to an expected 4.1% in 2025, still faces instability and is deemed insufficient to meet the Sustainable Development Goals (SDGs) and Agenda 2063 targets. This situation calls for significant policy adjustments and efforts to tackle internal and external imbalances, inflation, and debt issues. Global economic conditions, including declining energy and food prices, consumption patterns in China, and US economic growth, have shown resilience. Yet, concerns over debt, borrowing costs, weak global trade, geopolitical risks, and environmental catastrophes continue to cast a shadow over Africa's progress toward its ambitious development goals. Additionally, trade challenges and social development trends, marked by rising poverty, inequality, and unemployment, underscore the continent's ongoing struggle to break free from being locked into low-value stages of critical global value chains. scource: United Nations Economic Commission for Africa (ECA).

SOUTH AFRICA’S ECONOMIC GROWTH TO DOUBLE IN 2024 Read: https://lnkd.in/dtaEeK-G Follow Business World Africa for exciting news updates in the African business space #business #Worldbank #SouthAfrica

"Exciting times ahead for East Africa's economies! With Kenya, Rwanda, and Tanzania leading the charge, the region is set for robust growth. However, global economic shifts and internal challenges loom. Find out how these nations are navigating the road to prosperity! #EconomicGrowth #EastAfrica"