Bridgewater Associates’ Post

We are hearing a consistent message across multilateral development banks, showing opportunity & potential for international cooperation. At the African Development Bank Group annual meetings #AfDBAM2024, we launched the African Economic Outlook 2024 “Driving #Africa’s Transformation: The Reform of the Global Financial Architecture”, a subject that lies at the heart of this year's meetings in Nairobi, Kenya 🇰🇪. Rewatch Session: https://lnkd.in/dQ-U6-Qg During my participation, I shared the stage with the bank's President Akinwumi Adesina & Chief Economist KEVIN CHIKA URAMA, Kenya’s Cabinet Secretary Njuguna Ndung’u, Zimbabwe’s Finance & Economic Development Minister Mthuli Ncube, Germany’s Parliamentary State Secretary in the Ministry of Economic Cooperation & Development Dr. Bärbel Kofler, US Treasury’s Alexia Latortue, Guinea’s Planning & Int’l Cooperation Minister Ismael Nabe, African Union’s Albert Muchanga, & AUDA-NEPAD CEO Nardos Bekele-Thomas & UNECA’s Hanan Morsy. Some of the report's highlights include: ➡️ Africa's economic performance & the continent's financing needs. ➡️ Potential opportunities & challenges in fast-tracking structural reforms in Africa. ➡️ Implementable strategies & on-ground action to accelerate Africa’s structural transformation. ➡️ Link between Africa’s transformation efforts & international financial architecture. ➡️ Expected impacts of proposed reforms of the international financial architecture on Africa’s transformation. ➡️ Specific roles that MDBs & IFIs can play to support Africa’s sustainable development. Some of the report's highlights include:

#Africa has secured a third seat on the International Monetary Fund (#IMF) board, marking a significant milestone in the continent's representation within the global financial body. IMF Managing Director #KristalinaGeorgieva announced the historic move during the IMF and #WorldBank Annual Meetings in Washington, DC, noting that the new chair will ensure more balanced representation for Africa's 65 countries, particularly in sub-Saharan Africa. The new seat, effective November 1, will come with additional resources, including advisers and alternate directors for the African constituency. This development aligns with the IMF's broader commitment to enhancing diversity and closer engagement with African nations. It also strengthens Africa’s voice in addressing critical issues like debt and economic stability, while promoting sustainable growth pathways across the continent. Source: https://lnkd.in/d2fGy3XW

This report issues specific and urgent calls for reform, including more representative global governance, increasing the World Bank’s operational and financial capacity, prioritizing programs that would integrate Africa into the global economy, connecting the continent’s critical infrastructure and trade routes, and increasing participation and collaboration with bilateral public and private lenders and investors, such as China, sovereign wealth funds, and multinationals. https://lnkd.in/eVnpr29D

#DoingBusiness in #AFRICA ............an opportunity or a threat for corporates from developed economies??? African markets are not just stereotypes! .... Certainly, there will be no #prosperousfuture for all without the #growth and #inclusion of AFRICA's countries, in accordance with #UnitedNations #SDGs. Most of the raw materials used for primary production in #GlobalValueChains originate from Africa. We must fill the deep gap!! #EconomicDevide #NoPoverty #ZeroHunger #ReducedInequalities #PeaceJusticeStrongInstitutions #sustainablegrowth #internationalcooperation

Members of the Swiss economic sector met leaders of the African Development Bank to discuss how Switzerland can play a more substantial role in the Bank’s operations in Africa. Ivo Germann, Director of Foreign Economic Affairs at the State Secretariat for Economic Affairs and the head of the Swiss delegation, explained that “Swiss companies are interested in finding out how they can benefit from the convergence of objectives in certain sectors in Africa. They wish to take part in the Bank's efforts and can contribute high-quality expertise.” He added that the economic mission includes some 15 business leaders and is touring Côte d'Ivoire and Senegal. Senior Vice-President Tshabala told the delegation: “There is a great deal of convergence between our priorities and yours. At a time when we have just launched our new ten-year strategy, which aims to address the various challenges facing Africa, we have concerns about the reform of the international financial architecture, climate change, and the employment of women and young people on the continent who are looking for a better future…” Bank Vice-President for Power, Energy, Climate and Green Growth, Kevin Kariuki, presented the continent's renewable energy potential and opportunities for interconnections between countries and invited the Swiss delegation to consider participating in this area, which is key to the future of the continent. Also present at the meeting were Marie-Laure Akin-Olugbade, Vice-President for Regional Development, Integration and Business Delivery, and Bank Directors, including Aida Ngom, Director of the Private Sector Development Department. Find out more details about the interests of the Swiss delegation: https://bit.ly/3Rm5KVt

Two weeks ago, we launched the African Development Bank Group's 2024 Country Focus Reports, a crucial resource designed to enhance policy dialogue on the macroeconomic performance, and outlook of individual African nations. These reports are essential tools for policymakers, government officials, and development partners, offering in-depth analysis and insights tailored to each country's unique context. Aligned with the 2024 African Economic Outlook report, "Driving Africa’s Transformation: The Reform of the Global Financial Architecture," these reports dive deep into the specific dynamics shaping each nation’s economic landscape. The annual African Economic Outlook report continues to provide timely data and analysis, equipping African leaders with the knowledge they need to drive informed decision-making. The Somalia report, in particular, offers a comprehensive view of the country's progress and the strategic initiatives underway to promote sustainable development and economic resilience. If you’re interested in #Somalia’s journey, this report is an invaluable resource: https://lnkd.in/edz2AQSg #Somalia #EconomicDevelopment #GlobalFinance #CFR #SustainableGrowth

🌍 Building a Stronger Africa in an Age of Crisis Experts at African Export-Import Bank (Afreximbank)'s Annual Meetings stressed #diversification, private sector growth, and institutional reform to strengthen Africa amid global crises. They emphasised economic diversification, South-South cooperation, and African unity. Former Nigerian VP Prof. Yemi Osinbajo highlighted the private sector's role, while Donald Kaberuka advocated for robust African institutions. Economist Howard Nicholas and Jeffrey Sachs called for export-oriented manufacturing and unity to enhance Africa's global influence. Denys Denya of Afreximbank highlighted successful African-led financial initiatives. Read the full article: #Africa #EconomicGrowth #GlobalAfrica #InstitutionalReform #PrivateSector

The United Nations Economic Commission for Africa and the Government of Zimbabwe gets ready for #COM2024 - take a look at the build up. The upcoming Conference of African Ministers of Finance, Planning and Economic Development (#COM2024) will be held on 28 February - 5 March 2024 in Victoria Falls, #Zimbabwe. Organized by the ECA annually, the Conference brings together African Ministers of Finance, Planning and Economic Development, governors of central banks, and entities of the United Nations system. In addition, it will include the participation of pan-African financial institutions, youth representatives, African academic and research institutions, development partners, intergovernmental organizations and other key stakeholders on an annual basis to engage and exchange views on the state of economic and social developments in Africa. The theme of this year’s Conference of Ministers is consistent with the UN summit of the future conference to be held in September in New York on the margins of the UN General Assembly. For more on the Conference 👉  https://lnkd.in/ehJMSYba #greeneconomy #climatechange #innovation #technologicalinnovation

Today's decision on coalition and government in South Africa marks a pivotal moment for our nation's future. As political landscapes shift, the potential outcomes could significantly influence investor confidence and the broader South African markets. A stable and cohesive government coalition could bolster investor confidence, signaling a commitment to economic reforms and stability. This could attract both local and international investments, potentially leading to market growth and economic resilience. Conversely, a fragmented or unstable coalition may lead to uncertainty, impacting investor sentiment and causing market volatility. Such a scenario could slow economic progress and deter investment, posing challenges for our financial sector. As we navigate these developments, it's crucial to stay informed and adaptable. The decisions made today will shape our economic landscape and investor confidence in the coming months and years. Let's remain engaged and proactive in understanding the implications for our markets and future prosperity. Who do you think will be joining forces with the ANC today? #SouthAfrica #CoalitionGovernment #InvestorConfidence #MarketOutlook #EconomicStability

💡 The African Development Bank brings together heads of state to discuss financial issues in Africa 🌍💰 #EconomicDevelopment #RegionalCooperation 🔗 What are your ideas for stimulating economic growth in Africa? 💬 #ADB #Nairobi2021