The Minister of State for Budget and National Planning, Clement Agba says unless Nigeria posts a strong third-quarter economic performance, it may be headed for a second recession in four years. Ahead of Nigeria’s July inflation data, Bismarck Rewane, CEO of Financial Derivatives joins CNBC Africa to discuss how Nigeria can avert this looming recession.
Fifty days of strict lockdowns followed by 30 days where measures are eased could be an effective strategy for reducing Covid-19 deaths while ensuring some level of economic protection, scientists claim.
South Africa’s economy will contract sharply this year as activity is hit by the coronavirus outbreak, despite expectations the central bank will cut interest rates again in May, a Reuters poll found on Monday.
Growth in Sub-Saharan Africa has been significantly impacted by the COVID-19 pandemic and is forecast to fall from 2.4% in 2019 to -2.1% to -5.1% in 2020, the first recession in the region over the past 25 years, according to the World Bank’s latest Africa’s Pulse report.
A group of 165 past and present global leaders have come together to demand the creation of a G20 executive task force and an immediate global pledging conference to approve and co-ordinate a multi-billion dollar fund to fight against the COVID-19 pandemic.
Moody’s will cut South Africa’s sovereign credit rating later on Friday as a recession deepened by the impact of coronavirus frustrates economic reform efforts aimed at reducing government debt, a Reuters poll of economists found.
The rand weakened on the back of news that South Africa has slipped into a technical recession. According to Stats SA, the country's GDP has contracted by 1.4 per cent in the fourth quarter of 2019. However, according to Citadel South Africa has been in recession since 2013 in terms of per capita growth, owing to the country’s inability to achieve growth of above 1 per cent or at levels above our population growth, which is currently 1.4 per cent. Joining CNBC Africa to discuss what this means for South Africa is Daniel Silke, Political Economy Analyst and Duma Gqubule, Director for the Centre for Economic Development and Transformation.
South Africa entered its second recession in two years in the final quarter of last year, as agriculture, transport and construction contracted, data showed on Tuesday.