Browsing: Libya

fastest-growing economies in 2024 | The Exchange

Africa will be the second fastest-growing regional economy in 2024. Over 10 African countries will experience substantial GDP growth. In October 2024, the International Monetary Fund emphasized Africa’s pivotal role in global economic development and resilience.

Africa could face economic headwinds this year. However, some of the continent’s brightest spots are lighting up the economic prospects. According to the International Monetary Fund, six of the top 10 performing nations globally are projected to come from Africa in 2024.…

Libya's flood disaster

The eastern Libyan city of Derna has gone into mourning after catastrophic flooding that left about 10,000 people missing. Rescue teams have embarked on recovery efforts for the remains of loved ones as the scale of the disaster unfolds. Media reports say authorities estimate that close to 2,000 people have lost their lives in the Derna area alone.

The Libyan Government of National Unity (GNU) has issued a heartbreaking report stating that the entire road and bridge network in Derna has collapsed. This now calls for an estimated $67 million for reconstruction.…

Political instability and Africa's economic growth

Given these large costs and the effect on Africa’s economic growth, it remains imperative to prevent the prevalence of conflicts. Several economic and structural factors, including low-income levels, poor growth outcomes, weak governance, state capacity, and inequality of opportunity—especially across ethnic, religious, and regional groups—increase the likelihood of conflict. Addressing these challenges would address political instability in Africa and prevent conflict.…

Professor Mohamed Chtatou

While Russia’s preferred visions and modes of action in the Maghreb seem to be fairly well identified, the perceptions and expectations, but also the possible reservations on the Maghreb are more rarely expressed by the leaders of these countries and little-studied at the academic level.

Perhaps we should look at this, as far as the powers that be are concerned, a concern for discretion regarding the sensitive aspects of this foreign policy component – this is particularly true for Algeria – an area on which they generally communicate little and for the academic research community in North Africa, a lack of knowledge related to the history, geography and culture of contemporary Russia.

If there is undoubtedly, on the Maghreb side and with important nuances from one country to another, a manifest interest in a development or a deepening of the partnership with Moscow, questions may remain about Russia’s objectives, especially …

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  • North Africa GDP was negative -1.1 per cent (2020) and -5.1 percentage point drop over 2019
  • But the region is expected to recover pre-pandemic, propelled by oil and tourism industry
  • Vaccination is still an important element in supporting the region towards recovery

The African Development Bank (AfDB), one of Africa’s multilateral development finance institutions, has released its 2021 edition of the North Africa Economic Outlook published on November 3, noted several interesting developments, including the potential for the economy to rebound attributed to performance in oil and tourism.

The COVID-19 pandemic trapped North Africa in economic uncertainty, as growth was hugely affected, causing serious shocks in oil prices and a drop in tourism.

The bank report noted that real GDP growth was negative in 2020 at – 1.1 per cent and – 5.1 percentage point drop over 2019. This situation pulled different sorts of reactions to curb the impacts, such …

Turkey investment in Africa

Turkish engagement in Africa is expanding rapidly, extending beyond economic outreach to encompass business, aid, diplomacy, culture and military support.

The rapid growing Turkish presence on the continent has been primary conceived by Recep Tayyip Erdogan, Turkey’s president, who has sought to remodel Turkey as an “Afro-Eurasian state”; a model for the Islamic world and an alternative to the West, which, in his mind, has surrendered its moral authority.

What began with economic outreach, experts say, has progressed into a complex Africa policy encompassing business, aid, diplomacy, culture and military support.

Today, Turkish fingerprints are all over Africa, from the Kigali Arena in Rwanda, East Africa’s biggest stadium, built by a Turkish construction firm, to an Olympic swimming pool in Coastal Senegal, a colossal mosque in Djibouti, Turkish military hardware on Libya’s battlefields, A military base in Somalia. And in arid Niger, a gateway to the Sahara desert, and a …