Browsing: North Africa

• Remittance inflows amounted to $385.9 million in February, compared to $309.2 million in February 2023, an increase of 24.8 per cent.
• The cumulative inflows for the 12 months to February 2024 totaled $4.33 billion compared to $4.03 billion in a similar period in 2023, an increase of 7.5 per cent.
• The US remained the largest source of remittances to Kenya, accounting for 54 per cent in February 2024.

Remittances to Kenya continued on a growth trajectory in February, latest Central Bank of Kenya (CBK) data shows, as easing inflation in the United States saw the country maintain its position as the leading source of inflows.

This comes amid a positive projection for the year where World Bank has forecast a 2.5 per cent increase on inflows to Sub-Saharan Africa, with Nigeria, Ghana and Kenya as leading recipients in the continent.

Remittance inflows in Kenya amounted to $385.9 million in February, …

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.…

• Central Africa’s economic performance was powered by the DRC, which grew at a jaw-dropping 8.5% in 2022.
• Central Africa growth rate was higher than the African average, which is estimated at 3.8% in 2022, down from 4.8% in 2021.
• The region id projected to settle at 4.9% in 2023 and 4.6% in 2024.

Central Africa achieved real GDP growth of 5.0 per cent in 2022 compared with 3.4 per cent in 2021, as the region posted the strongest performance compared to other regions in the continent.

This was in terms of growth, inflation and budget deficit, a new report by the African Development Bank (AfDB) indicates.

Central Africa oil, minerals and commodities’ wealth

The rebound in economic activity was driven by favourable prices for raw materials. Increasingly, Central Africa economies are turning out to be a net exporter of crude oil, minerals and other commodities.

In comparison, the region’s …

• Most countries in North Africa are struggling with searing poverty and economic vulnerabilities.
• Work opportunities in the region are limited especially for the women and youth. Most workers are engaged in low-productivity informal jobs. 
• The World Bank’s Built to Include: Reimagining Social Protection Systems in the Middle East and North Africa report argues that social protection policies could help.

One of the root causes of poverty and vulnerability in North Africa is the decades-old system driving youth and women exclusion in the labour market, a new World Bank report reveals. 

According to the World Bank, most countries in North Africa have been struggling with poverty and vulnerability for decades. Increasingly, work opportunities in the region are getting limited, particularly for women and youth. Across the economies, most workers are engaged in low-productivity informal jobs. 

Safety nets to mitigate youth and women exclusion

The report, Built to Include: Reimagining Social Protection …

North Africa will face an economic contraction forecast between 0.8 and 2.3 per cent in 2020 according to the African Development Bank Economic Outlook 2020 report.

The report noted that the prerequisites for resilience and emerging from the crisis are social inclusion, Socioeconomic stability and human capital development.

According to the report, the services, tourism and industrial sectors which are the main economic contributors in North Africa are likely to be hardest hit by the pandemic.

Due to the pandemic, countries in the region implemented health and budget measures to curb the spread of the virus and protect their populations. This led to an economic slowdown due to disruptions in different sectors which led to large-scale socioeconomic consequences.

Restrictions being lifted in North Africa is raising uncertainty and suggests two distinct recovery scenarios, the first scenario based on a timeline for emerging from the crisis in July 2020 while the …

Egypt, one of Africa’s strong economy—has seen a sharp rise in business activity which bounced back in June, marking a 4-month high record, as the North-African recovers from the coronavirus grip and showing signs of uneven recovery.

According to information from IHS Marki, Egypt non-oil sector rose sharply, while the Purchasing Managers Index (PMI) rose to 44.6 in June from 40.7 in May, remaining below the threshold of 50 that separates growth from contraction.

However, the rebound is felt evenly as still things tighten, unemployment has risen to 9.2 per cent, firms cutting wages at a fast pace in four years—hence HIS economist anticipates potential change.

READ:IMF $5.2 Billion Stand-By Arrangement for Egypt

A different view

On the other side, before the pandemic, the World Bank’s Macro Poverty Outlook noted that growth was driven by a macroeconomic stabilization program that was largely successful, generating a solid primary budget surplus, …