economy

Mbeki Blames ANC’s Economic Policies

Political economist, Moeletsi Mbeki, has warned that the African National Congress (ANC) is driving economic policies that would lead to more poverty.

Speaking at the University of the Witwatersrand seminar on the ANC’s policy documents, to be discussed at its policy conference next month, Mbeki said that instead of a productive class, the party is creating an administrative class, made up mainly of the black elite, which is part of a household-consumption-dependent economy.

Sustainable Development Hopes Pinned on Rio+20

A spirit of determination has prevailed at the United Nations press briefing about the Rio+20, United Nations Conference on Sustainable Development, which takes place from 20-22 June 2012 in Rio de Janeiro, Brazil.

Preparations for Rio+20 have been intense with 192 member states involved in pre-conference negotiations.

Deputy director of the UN Information Centre of South Africa, Helen Hoedi, points out that the conference, which will include more than 500 side events, will lay the foundations for economic growth, respect for the planet and social equity.

UN Urges Africa to ‘Stop Begging for Food’

The United Nations (UN) has warned that sub-Saharan African nations will not be able to sustain their accelerated economic growth unless they eliminate hunger.

In its latest report ‘African Development Report’, the United Nations Development Programme administrator, Helen Clark, points out that many sub-Saharan economies are growing fast but the growth rates have not translated into significant hunger reduction.

Survey Ranks SA Top Among Peers in Trade

South Africa (SA) ranks top among upper middle-income economies in a World Bank survey that measures how efficiently countries trade.

SA is also the highest ranked African country, according to the ‘Connecting to Compete 2012: Trade Logistics in the Global Economy’ report released this week.

In a press statement, World Bank vice president for poverty reduction and economic management, Otaviano Canuto, states: "Trade logistics is key to economic competitiveness, growth, and poverty reduction."

UN: Strong Growth Not Ending Africa's Food Crisis

The United Nations (UN) says that sub-Saharan Africa posts economic growth rates higher than the worldwide average but has the planet's greatest food security problems.

UN Development Programme administrator, Helen Clark, point out that, “Impressive GDP growth rates in Africa have not translated into the elimination of hunger and malnutrition.”

“Between 2004 and 2008 African economies grew an average of 6.5 percent a year, only slowing to 2.7 percent in 2009 in the wake of the global financial and economic crisis,” the report read.

Time for Economies that Contribute to Job Creation

The global economic crisis could derail plans by the developing countries to meet the United Nations Millennium Development Goal (MDG) 1, target 1.B, of achieving full and productive employment and decent work for all, by 2015. The UN notes that the deterioration of the labour market, triggered by the crisis, has resulted in a decline in employment. It further acknowledges the reality that as more jobs are lost, workers are being forced into vulnerable employment and that more workers find themselves and their families living in extreme poverty.

Mining Nationalism in Africa: Justified Redistribution of Wealth or an Obstacle to Growth?

Historically Africa’s vast natural resources have been a driving factor for colonisation and imperialism. Still today, the true extent of Africa’s wealth of resources remains uncertain. Nevertheless, the continuous discoveries of immense mineral deposits and the rip-roaring Chinese demand contributing to soaring commodity prices, have led to Africa being perceived as the future for the world’s mining industries (2).

World Economic Forum Gets Underway

President Jacob Zuma will use his first day at the World Economic Forum (WEF)'s annual meeting to push Africa's agenda, in Davos, Switzerland.

Zuma leads a powerful business and government delegation in need of new investment that can bolster growth, even as the International Monetary Fund downgraded South Africa's outlook to 2.5 percent.

Meanwhile, WEF founder, Klaus Schwab, has called for a new vision for the world economy.

Call for Economic Freedom in South Africa

Deputy President, Kgalema Motlanthe, says South Africans cannot claim to be free when they are only enjoying freedom to vote, but not freedom from poverty or the freedom to educate their children and extend effective health services to their families.

Speaking during the 10th Annual Ruth First Memorial Lecture, Montlanthe also stressed the need to grow the economy to address the basic needs of the people.

The deputy president’s comments are a stark reminder of the gallant fighter who would have been a strong opponent of abuse of power and neglect basic human needs.

IMF Raises Global Growth Forecasts

The International Monetary Fund (IMF) has raised growth forecasts for most economies as the global economy pulls out of a steep nosedive, but warned recovery faces stiff headwinds.

The IMF projects that the global economy would shrink 1,1 percent this year and rebound to annualised growth of 3.1 percent in 2010, better than July forecasts of a 1.4 percent contraction in 2009 and 2.5 percent growth in 2010.

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