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Trade

Financing Africa: Through the Crisis and Beyond

Thorsten Beck's picture

In mid-September, the African Development Bank, the German Federal Ministry for Economic Cooperation and Development and the World Bank will launch Financing Africa: Through the Crisis and Beyond , a comprehensive review documenting current and new trends in Africa’s financial sector and taking into account Africa’s many different experiences. During the coming weeks and leading up to the formal launch of the book in Ethiopia on September 15, we will give a sneak peek of the book’s main findings and recommendations. In this first post, we’ll summarize our main messages.

Welcome to Africa, Welcome to Naija

Pierre Strauss's picture

Backpackers looking for an intense experience are constantly looking for new regions to explore. While Asia is nowadays swamped by mass tourism, and Western destinations lack originality, Africa remains the ultimate well-kept secret for unconventional tourism – tourists are heading into the rain forests of Madagascar and on safari in South Africa. But hurry up because more and more folks are traveling south.

Pierre Strauss (right) with Abubakar Wakili in Kano state, NigeriaDespite the economic downturn and a general decline in tourism worldwide, tourism in Africa is growing faster than in the rest of the world. African tourism arrivals grew from 37 million in 2003 to 58 million in 2009. The continent receives more tourists than the Caribbean, Central America, and South America combined. For instance, in Nigeria-the most populous country in Africa-we welcome more than three million visitors annually, largely business men from neighboring countries and the Nigerian Diaspora visiting friends and relatives.

Gender and Trade

Otaviano Canuto's picture

Gender inequality and discrimination can affect many areas of life, from a women’s access to basic health services to her prospects for education and future earnings. Accordingly, in order to overcome these disparities, development practitioners have begun to collect gender-disaggregated data and address gender elements in the design and implementation of aid programs.

Addressing South Sudan’s Impediments to Regional Trade

Gözde Isik's picture

South Sudan became the world’s newest nation on 9 July 2011, making it Africa’s 54th country. Independence brings enormous opportunities to South Sudan to increase its integration into the regional economy but also substantial challenges to put in place a policy and security regime that facilitates cross-border trade. The 2005 peace accord that ended Africa's longest-running civil war has led to a significant growth in demand in South Sudan, ushering in a new era of increased regional trade, in particular, with Uganda.

Diversify, Diversify, Diversify

Otaviano Canuto's picture

The global economic crisis uncovered many of the vulnerabilities of an increasingly integrated world. So much so, that even though we are now well on the path to recovery, many questions persist regarding the future risks of economic integration and openness.

There are reasons for a broad reassessment of economic integration.

Is Africa more vulnerable to oil price increases?

Shanta Devarajan's picture

As world oil prices rise to near the levels of 2008, and growth on the continent resumes to pre-crisis levels (as reported on Africa’s Pulse), a natural question to ask is whether Africa’s oil importers are becoming more vulnerable to oil price increases. 

A partial answer is given by a recent briefing note by my colleague Masami Kojima.

Vulnerability is determined by how much of a country's income is spent on oil imports. Looking at the period 2003-2008 (the latest for which comparable data are available), the study found that vulnerability rose in all oil importers (except Mauritania) and even in some oil exporters such as Equatorial Guinea and Republic of Congo. Also, 15% of the income of Seychelles, Liberia and Sierra Leone is used to import oil. This is among the highest in the world.

Interestingly, despite a significant increase in the price of oil during that period, the rise in vulnerability happened because energy became more oil-driven in 24 out of 42 countries.

Unlocking the Kinshasa-Brazzaville Bottleneck

Gözde Isik's picture

Kinshasa-Brazzaville is predicted to become Africa’s largest, and the world’s 11th largest, city by 2025.

With an international border running right through it, it is the obvious focal point for cross-border exchanges between the two Congos. But despite this, formal trade and passenger traffic between the two cities is pitifully small.

Latin America, Africa Partner on Managing Commodity Wealth

John Nash's picture

It's only fitting that a country largely built on mineral abundance has been the venue for a critical discussion on how to manage natural resource wealth.

A group of World Bank experts, including myself, met in Johannesburg last week with high-level policy makers, civil society representatives and academics, to exchange experiences and enhance our understanding of the theoretical and practical issues unique to resource-dependent economies. As a long-standing major commodity exporting region, Latin America has many lessons of experience – positive and negative -- to share with other developing regions on management of the wealth from natural resources.

New Trade Strategy for a New Reality

Bernard Hoekman's picture

The recent crisis dramatically illustrated how trade can be a powerful channel through which major external shocks are transmitted to countries, both negative and positive, as the resurgence in trade has been very robust and been a central feature of the global economic recovery.

Managing Economic Policy in a Multipolar World

Otaviano Canuto's picture

It’s no secret that current account imbalances exist around the world. In many cases, these imbalances may be benign and merely reflect market-driven differences in savings and investment or differences in stages of development. In other cases, persistent global imbalances may be unsustainable and may threaten growth in the long-run. Thus, it’s no surprise that addressing imbalances has been a key focus in recent G-20 discussions.


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