World Bank Cuts Kenya’s Growth Forecast to 4.7%

World Bank Cuts Kenya’s Growth Forecast to 4.7%

CNBCAfrica says the World Bank on revised Kenya’s 2024 economic growth projection down to 4.7% from an earlier estimate of 5.0%, attributing the downgrade to the effects of floods, anti-government protests, and sluggish fiscal reforms on Tuesday. Despite progress in stabilizing the exchange rate, increasing central bank reserves, and reducing inflation, Kenya remains at a high risk of debt distress, according to the bank's latest report.

December 11, 2024 6

Africa

Angola extends cash tranfer for low-income families

Angola will extend a cash-transfer program for low-income families as a weaker currency and sky-high inflation continue to drive up living costs in the oil-producing country. Bloomberg reports the Kwenda program will run until 2029, following the recent approval by the World Bank of an additional $400 million loan, President João Lourenço said in a speech Tuesday. The project, the first of its kind in Angola, began in 2020 to […]

October 16, 2024 12

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

Africa

World Bank Lowers Sub-Saharan Africa Growth Forecast to 3% Amid Sudan Crisis

The World Bank announced on Monday that it has reduced its economic growth forecast for sub-Saharan Africa this year to 3%, down from 3.4%, largely due to the impact of Sudan's civil war on its economy. Reuters says, nevertheless, growth is anticipated to exceed last year's 2.4% rate, driven by increased private consumption and investment, according to the bank's latest regional economic outlook report, Africa's Pulse. Andrew Dabalen, the World […]

October 15, 2024 11

Namibia

Namibia Faces N$5 Billion Annual Loss Due to Inefficient Road Transport

Namibia stands to lose N$5 billion annually as a result of high road transport costs caused by inefficiencies and poor infrastructure, according to World Bank Senior Transport Specialist Justin Runji as per The Brief. Runji highlighted that these losses are largely due to increased expenses in fuel, maintenance, repairs, tires, insurance, and reduced productivity. Speaking at the Road Sector Policy Conference, he emphasized the urgent need for a transformative agenda […]

October 1, 2024 20

Namibia

Growing BRICS could surpass the Economic Size of the G7

Opinion Piece by Josef Kefas Sheehama It is not surprising that the BRICS plus will usher in a new economic order if the group of seven (G7) does not pull up its shocks, as the group's expansion presents new economic opportunities for developing countries. There is no doubt that the establishment of the BRICS represented a major step forward in the long-term process of member countries' integration, both […]

September 4, 2024 26

Africa

Africa’s off-grid solar sector is electrifying global investors

By Bonface Orucho, bird story agency Africa’s off-grid solar sector continues to be a magnet for investment, with recent analysis from Africa: the Big Deal emphasizing its growing appeal to investors. Despite a general decline in start-up funding across the continent over the last two years, the industry remains a clear priority for both the social impact and regular investment community. According to Laura Fortes, the senior […]

August 22, 2024 28

Africa

Ethiopia’s bold economic reforms target stability and growth, but they come with risks

By Tsegay Tekleselassie, Wellesley College Ethiopia’s recent macroeconomic reforms, supported by the International Monetary Fund (IMF) and the World Bank, could have profound implications for the country and the region. The key reforms include the use of a floating exchange rate system and of interest rates as a policy tool. They were introduced just ahead of the approval of a financial package that could eventually amount to about […]

August 19, 2024 18

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