Browsing: North Africa

The world has in recent months witnessed a dramatic turnabout on the future of nuclear energy, mainly in the developed countries.

This is on the back of the Russia-Ukraine war which has seen post-pandemic energy shortages turn into a full-blown energy crisis.

According to the International Monetary Fund (IMF), nuclear power plants slated for closure across Europe have been given “an 11th hour reprieve.

Japan has announced, after a decade of paralysis, that it plans to restart many of its reactors, which have sat idle since the nuclear accident at Fukushima Daiichi.

France, which had launched plans to reduce its dependence on nuclear energy during President Macron’s first term, reversed course and now, plans to build at least six new reactors and a dozen smaller modular reactors.

The UK on the other hand recently launched an ambitious plan to build eight new reactors and16 small modular reactors.

Even anti-nuclear Germany

The Moroccan government is now shifting focus to developing its south which in other words was neglected development wise.

The south of Morocco, has largely benefitted the country from its number of natural resources which includes Pelagic fish, solar power, and mineral reserves hence the government’s efforts to transform this region will not only improve the living standards of its citizens but also open new business opportunities.

With some of the richest fishing waters in the world, desert and coastal scenery, and opportunities for agricultural development and mining exploration, Morocco’s southern provinces have solid resources on which to base growth.

Phosphate reserve which is found in the southern region produced nearly 2 million tons to the Moroccan economy in 2018 according to Forbes.

The government is on target to transform the region from being resource-based to a wider development framework. The new ambitious development model for Morocco consists of a …

According to a data released on Monday by the Central Bank of Egypt, Egypt’s current account deficit climbed to $7.6 billion in the first half (1H) of the current FY2020/2021 from July to December 2020 up from $4.6 in the same half of FY2019/2020.

This Increase in the current account deficit is associated to the decline in service balance surplus and the increase in the non-oil trade balance

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According to CBE, due to the decline in the investment income balance Service balance surplus contracted by 69.9 percent in the 1H of FY2020/21 posted $1.9 billion, down from $6.3 billion in the 1H of FY2019/20.

The decline in Investment income had a larger effect on the Tourism sector with the CBE showing that tourism revenues dropped by 75.3 percent in the 1H of FY2020/21, reaching $1.8 billion.

In April 13 …

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, …