Economist Urges Reforms as South Africa’s GDP Shrinks by 0.3%

Economist Urges Reforms as South Africa’s GDP Shrinks by 0.3%

In S.A, North-West University Business School economist, Raymond Parsons, has called for urgent economic reforms following the disappointing gross domestic product growth figures for the third quarter, when it decreased by 0.3-percent. Parsons calls for more investment and faster reforms from both the public and private sectors to drive job-rich growth and improve the economy:

December 4, 2024 13

Business / Economics

Cirrus Capital’s Groenewald Offers Insight on Central Bank’s Interest Rate Decision

The Bank of Namibia In October lowered its main interest rate, citing a faster-than-anticipated decline in inflation and the need for economic support. At that point in time, the Monetary Policy Committee unanimously agreed to reduce the repo rate by 25 basis points, bringing it to 7.25%. Cirrus Capital economist Tannan Groenewald shares his outlook on what the Bank might do next. ENG Tannan Groenewald repo

December 4, 2024 11

Business / Economics

Global demand and drought impact GDP

The Bank of Namibia has released the Economic Outlook update for December 2024. The domestic economy is estimated to expand by 3.5 percent in 2024 and 4.0 percent in 2025. However, GDP growth is expected to slow in 2024 due to weaker global demand for minerals and drought-related impacts. Here is Josefina Oskar from the Bank of Namibia.

December 2, 2024 10

Africa

World Bank cuts Africa growth forecast

The World Bank has downgraded its economic growth forecast for sub-Saharan Africa. Bloomberg reports that Sub-Saharan Africa will likely grow 3% this year, somewhat lower than an April forecast of 3.4%, the Washington-based lender said in its Africa Pulse report published Monday. The slower growth rate was largely blamed on the conflict in Sudan which started 18 months ago and has continued to escalate.

October 15, 2024 14

Business / Economics

FNB Namibia expects inflation to reach 4.7% in September

FNB Namibia expects headline inflation to increase to 4.7% year-on-year in September from 4.4% in August, mainly driven by rising food and non-alcoholic beverage prices because of the ongoing drought, while transport costs continue to decline. Core inflation is expected to slightly decrease from 3.8% in August to 3.7% in September. FNB Namibia economist Helena Mboti, explains.

October 2, 2024 45

Local

The Namibian economy is expected to grow by 3.1 percent in 2024

The Bank of Namibia released the Economic Outlook for August 2024 with the domestic economy estimated to expand by 3.1 percent in 2024 and by 3.9 percent in 2025. Global and Regional Outlook Global economic growth is projected to remain low in 2024 before improving slightly in 2025. Global growth is projected to slow down to 3.2 percent in 2024, from 3.3 percent in 2023, before rising moderately to […]

August 8, 2024 21

Business / Economics

Bank of Namibia holds repo rate at 7.75%

The Monetary Policy Committee of the Bank of Namibia has decided to keep the repo rate unchanged at 7.75 percent, with the prime lending rate holding steady at 11.50 percent. This is the second monetary policy announcement by BoN this year. Governor of the Bank Johannes !Gawaxab. Governor !Gawaxab highlighted that risks to the domestic economic outlook have remained broadly unchanged since the previous MPC meeting, although the conflict in […]

April 17, 2024 33

Local

Governor! Gawaxab champions economic resilience and financial innovation at 2024 Cirrus investor conference

The Bank of Namibia, participated in the 5th edition of the Cirrus Investor Conference. Taking place in Swakopmund between 9-10 April 2024, the conference drew development finance institutions, institutional asset managers, listed companies, state-owned enterprises, and Government Ministries, offices and agencies together to connect Namibian securities issuers and potential issuers, with investors from around the world. Speaking at the event, the Governor of the Bank, Mr. Johannes !Gawaxab provided […]

April 10, 2024 9

Business / Economics

World oil demand grows amid Red Sea shipping disruptions: IEA

Global oil demand is forecast to grow more than expected due to a brighter US economic outlook and rising fuel needs of ships rerouted away from the Red Sea, the International Energy Agency said Thursday. Commercial ships have been taking longer and costlier journeys around the southern tip of Africa to avoid attacks by Yemen's Huthi rebels in the Red Sea, a vital international trade route. The […]

March 14, 2024 16