VIEWS ON AFRICA
Collaboration with NTU-SBF Centre for African Studies
STEEL Advisory Partners has a collaboration with NTU-SBF Centre for African Studies (2017), publishing a series of our African themed articles. STEEL Advisory Partners is contributing our Africa insights to help business leaders develop a better understanding of the African economy.
You can read and download the relevant articles via the links below.
In its World Economic Outlook released in early October 2017, the International Monetary Fund (IMF) seems to be more optimistic about the global economy, but there are still many risks that can still stall the economic recovery. It is estimating that the global growth in 2017 will be 3.6% and forecasting a 3.7% rate for 2018 and 2019. The emerging market and developing economies will be the main growth engine, with an estimated growth of 4.6% in 2017, accelerating to 4.9% and 5% in 2018 and 2019 respectively.
India shares a very long history with Africa through trade and its large diaspora throughout the continent. During the British colonial times, the Father of India, Mahatma Gandhi, spent 21 years of his life in South Africa as a lawyer and a civil rights activist. His time in South Africa shaped his political views that lead to his fight against the British rule in India. His satyagraha movement, non-violent resistance and civil disobedience against the British, eventually lead to the independence of India in 1947.
While South Africa has been a permanent member of BRICS since December 2010, China invited Egypt and Kenya to the 9th BRICS Summit held in Xiamen at the beginning of September 2017. Guinean President Alpha Condé, representing the African Union, had the opportunity to attend as well. This means that more African representatives were present during the last summit than was normally the case.
The China-Africa relations have been long and stable. Since 2000, the economic and political relations between China and Africa have further grown by leaps and bounds. Moreover, the People's Republic of China (PRC, 中华人民共和国) has grown rapidly and steadily to be now the world’s second largest economy. The 19th National Congress of the Communist Party of China (中国共产党第十九次全国代表大会) will be held on 18 October 2017.
Since the beginning of this century, the rapid economic growth of Asian economies, particularly China, has brought about immense economic benefits for Africa. However, the impact of the 2008 global financial crisis, as well as the recent economic slowdown in China, has been hugely felt in the continent.
Unlike in the past, when Africa mainly depended on the assistance of the developed economies, the rise of the Asian economies brings about new opportunities for economic cooperation and partnership for Africa.
The Group 20 (G20) is an international forum for the leaders from the 19 advanced and emerging economies, as well as the European Union (EU). Germany took over the G20 Presidency in December 2016 and it is the first time ever that the African continent has received much attention and focus during a G20 Summit.
The general election results of 8 June in the United Kingdom (UK) have inflicted severe damage to Prime Minister Theresa May and the Conservatives. As a result, May's 'Brexit means Brexit' has now a whole new meaning and her initial plans may be in shambles.
United States President Donald Trump is now in his sixth month in office, since his inauguration on 20 January. So far, he has been actively pushing forward his 'America First' campaign rhetoric by revoking laws that seem to be business unfriendly, as well as signing a wide range of presidential executive actions, encompassing trade, immigration, and the climate, amongst others. As for Africa, besides phone calls to the Egyptian, Kenyan, Nigerian and South African presidents, there has been a deafening silence.