The global economy is on the way of rising economies. Today, when we are hovering around last week, we leave Asia and move on to Africa. For this purpose, enter the Black Continent from Ümit Burnu and take a look at South Africa first. Then I say we climb north.
G. UNEMPLOYMENT OF AFRICA
South Africa is a rising economy with your BRICS block, but this is a trendy country, and things are not going well. The economy grew by 1.3% in 2015 and by 2016 it was down to 0.3%. In the environment where internal developments are not tiring to take place, the enthusiasm for internal demand and investments is escaping. Among the supply factors that weaken this period are the problems in mining and agriculture.
For the year 2017, however, it is still a weak but positive development. However, such growths are not as satisfying for a developing economy like G.Afrika and for an economy that has forgotten less than 26% of the unemployment rate. Moreover, in parallel with these developments, the per capita income in the country can not come back to itself anyhow in the last period. And like I wrote before; We are talking about a view that competes with our peers in the world in the related income inequality.
In G.Afrika, eyes can not separate from inflation. Consumer prices, which inflated by 6.3% in a mildly mild 2016 growth environment, are not promising such a sharp decline this year. On the other hand, it can be said that the current deficit loves the place with 3-4% band.
In short, the macroeconomic outlook in the country is "generally" unpleasant ... In this context, first of all, it is necessary to repair the confidence in the economy.
PROBLEMS OF NIGERIA
The Nigerian economy, one of Sahara Altı's observations, showed a rapid development in the short term due to the internal problems of the power cuts and the effects of the known developments in the oil sector and vandalism. The economy, which has a growth story moving from 6% to 2.7% in 2015, contracted 1.5% in 2016. In the background of the narrowing, there is a stage where the industrial and services sectors are also falling.
And, in this context, how fast growth in Nigeria was experiencing a rapid descent, we observed a parallel output in the unemployment rate. In the meantime, 2 years ago, the charts showed an unemployment rate of 6-7%. So, let me remind you that the country with the highest unemployment rate after the 2009 crisis has a population of over 180 million.
There is no doubt that the country needs to reach such a good pace in order to find a solution to this problem. Projections say that Nigeria will try to stay up this year from where it falls, and at least a pace if it does not reach 1%. Here, the recovery in oil production is taking place as an effective factor.
However, both Nigeria and other oil exporters in the region have come to realize that even if they wait for the relevant positive reflections in 2017, they should give their economies a non-oil scramble. Lacquer awareness is not enough and it needs action for that kind of diversity. The private sector, on the other hand, hesitates to show itself well in a business environment full of problems. Moreover, the income inequality I mentioned in G.Afrika is also known in Nigeria. Let's add that poverty and food security are also connected issues.
This is how the Nigerian economy is headed, and the prices continue to be unstable. Nigeria, where consumer inflation scored 17% in the band, is now able to find a surplus in the current account.
EGYPT INFLATION OF FOOD
Now let's go a little further north and talk briefly to Egypt.
If we remember, Egypt closed the past year with a bad GDP growth of 4.3%. The reforming economy is expected to show a 3-4% growth this year. In this context, unemployment in the country is likely to remain at 12-13% in 2017.
On the other hand, inflation seems to be a serious problem this year. What kind of trouble is that, of course, I will tell you about the rate of 30.9% consumer inflation recorded in March. In the Egyptian economy, where the highest price increases since 1986 are experienced, it is anxious to see how the crazy rises in particular will be captured. As a matter of fact, this situation, which mainly affects the people with low income, has to be resolved as soon as possible.
I will finish it here.
Thus, today we have entered Africa under the top and we have studied the largest 3 economies in the north-south of the continent.
In the coming and last summer of the emerging economies series, I plan to open up to Europe.
Only at this point will we have to interrupt and write Kuwait. Because today I am a Kuwait passenger. I hope to share with you the conclusions of President Erdogan's visit to Kuwait before China.
Afterwards, we return to the position and see the rising eastern Europe.
Some Credits are belong to Yenisafak.