Africa Economics Update Risks from spate of USD bond issuances look manageable We think that the risks from the recent glut of foreign currency bond issuances by African governments are, for the most part, manageable. Granted, both Ghana and Zambia have turned to the IMF... 8th September 2014 · 1 min read
Emerging Markets Economics Update Fed tightening and EM vulnerabilities: a stock-take A handful of EMs – mainly in Asia – have taken steps to reduce their external vulnerabilities in the wake of last year’s “Taper Tantrum”. But these countries are the exception rather than the rule... 5th September 2014 · 1 min read
Africa Economics Update Interest rate hikes still on the cards in Kenya The Central Bank of Kenya (CBK) kept its benchmark interest rate unchanged at 8.50% today, but the weakness of the shilling and the likelihood of a further rise in inflation mean that rate hikes are... 3rd September 2014 · 1 min read
Emerging Markets Economics Update Export-focused EM manufacturers are outperforming August’s PMI data from the emerging world were something of a mixed bag. But one theme that stands out is that most export-oriented manufacturing economies are performing relatively well at the moment... 3rd September 2014 · 1 min read
Middle East & North Africa Economics Update Egypt: interest rates on hold, further tightening unlikely The Egyptian central bank’s decision to keep interest rates on hold today appears to confirm that July’s rate hike was a one-off in response to higher inflation following the government’s recent... 1st September 2014 · 1 min read
Africa Economics Update South African PMI picks up but manufacturing still weak The rise in South Africa’s manufacturing PMI in August suggests that the recent downturn in the sector is beginning to ease as wide-scale strike action earlier this year has wound down. But while this... 1st September 2014 · 1 min read
Africa Chart Pack Weaker growth looms for twin deficit countries Ghana’s authorities bowed to the inevitable earlier this month by formally requesting assistance from the IMF in dealing with the country’s enormous twin budget and current account deficits. This... 29th August 2014 · 1 min read
Middle East & North Africa Chart Pack Dubai's GREs slowly tackling their debt problems Over the past month Dubai’s government-related entities (GREs), which were at the heart of the Emirate’s crisis in 2009, have made further efforts to tackle their huge mountains of debt. The recovery... 28th August 2014 · 1 min read
Emerging Europe Economics Update Latin America inflation woes deepen Although inflation at the aggregate EM level remains fairly benign, there are big differences between the main EM regions. Inflation is fairly low in most of Emerging Asia, but is high and rising in... 27th August 2014 · 1 min read
Africa Economics Update South African economy stagnates in first half of 2014 Today’s GDP data show that, following the contraction in Q1, the South African economy narrowly avoided entering recession in Q2. But the bigger picture is that the economy remains very weak. Output... 26th August 2014 · 1 min read
Africa Economics Update South African markets shrug off bank downgrades South African markets appear to have taken the collapse of African Bank and the subsequent decision by Moody’s to downgrade the ratings of the country’s four largest banks in their stride. Local... 21st August 2014 · 1 min read
Emerging Markets Economics Chart Pack Emerging Asia pulls ahead Growth in the emerging world has remained stuck at around 4.5% y/y in recent months, but the aggregate number masks a recent divergence in regional performance. Growth has slowed in Latin America and... 21st August 2014 · 1 min read
Africa Economics Update Glimmers of hope for reform of South Africa’s labour market South Africa’s labour market rigidities have been a key constraint on economic growth over the past few years, but some recent developments have given glimmers of hope that much-needed reform can be... 20th August 2014 · 1 min read
Emerging Markets Economics Update An anatomy of the EM slowdown Despite the recent attention given to the EM slowdown, it actually began back in 2010, and growth has been stuck at a sluggish rate for the last two years. The BRIC economies account for much of the... 20th August 2014 · 1 min read
Africa Economic Outlook Cracks emerge in the “Africa Rising” story The long-run growth outlook for sub-Saharan Africa (SSA) remains good, but recent developments have caused cracks to emerge in the “Africa Rising” story. Budget and current account positions have... 15th August 2014 · 1 min read
Africa Economics Update South Africa GDP Tracker suggests continued weakness in Q2 Our GDP Tracker suggests that, following the contraction in Q1, the South African economy avoided entering recession in Q2, but only by the skin of its teeth. The bigger picture is that growth remains... 14th August 2014 · 1 min read
