The beginning of the 21th century has shown promising figures regarding the economic growth of the African continent. The World Bank’s 2013 Economic Report on Africa; with the theme- Making the Most of Africa’s Commodities: Industrializing for Growth, Jobs and Economic Transformation- rightly tells the continent’s notable economic performance with its own remarks on limitations of the growth to be translated into jobs and social development.
Africa’s economy remained strong to register a 5.0 pct growth in 2012. The region’s economic growth was reported to be promising as it came amidst slowing world economy. Africa’s economic growth has benefited from the improving political unrest in the northern region of the continent, elections were hold and normal business activities have begun to return in Egypt and Libya.
Number of people who will be living in extreme poverty in Sub Saharan Africa by 2015, which will be 42.3 percent of the region’s total population. The number was 289.7 million in 1990, 56.5 pct of the population of the time, according to a Global Monitoring Report 2013, jointly produced by the World Bank and the International Monitory Fund.
Said Vandana Chandra, a senior economist at the World Bank referring to the growing trend of rural-urban migration that followed as a result of reducing poverty rate in urban areas of Africa and the world in general. The Economist made the remark on an event organized in Addis Abeba University (AAU)’s Eshetu Cholle Hall on May 8, 2013 for the launching of the 2013 Global Monitoring Report (GMR), which was compiled by the World Bank and International Monetary Fund.
Africa is at the threshold of a new era and a fitting vision set to help Africa navigate through the 21st century-Vision 2063 is in the offing.
The seeds for the 50 year plan to create a prosperous and peaceful Africa were planted during the 6th Annual Meeting of the Ministers of Economy, Finance and Economic Development meeting in Abidjan, Cote d’Ivoire, in March 2013. This plan also involved the African Development Bank and Economic Commission for Africa.
Even with so many promising stories about Africa, it should come as no surprise to hear one about underachievement on the macro level. Africa still drags its feet when competing with the rest of the world. A report recently released by the World Economic Forum entitled- Reducing Barriers to Economic Growth and Job Creation- evaluated world economies’ travel and tourism competitiveness and revealed that many African countries are lagging behind, as always.
Commercial Bank of Ethiopia (CBE) has extended office hours effective April 1, 2013, Tefera Seyfu, corporate communication manager at the bank told EBR. According to the new extended business hour schedule, customers can get service from 8am to 7 pm from Monday through Saturday. The bank normally closes at 5 pm.
“This is one way of getting closer to our vision of becoming a World Class Commercial Bank by 2025,” Tefera said.
Every major economic crisis has its victims. Some bounce back, while others experience long-lasting, even permanent, damage. When it comes to the global crisis that erupted in 2008, output growth has been a resilient victim. Central bank independence, by contrast, has been undermined severely – and possibly forever.
In the 1970’s, the Western world was confronted with a unique phenomenon: simultaneous recession and rising inflation. Ger- many’s success in maintaining low inflation in this environment was explained by the fact that the Bundes bank was de facto independent from the German government. This triggered a global movement, in which country after country adopted legislation to increase the independence of its monetary authority. Soon, inflation began to fall.
Africa Vacation Club Ethiopia (AVCE), one of the well known time share provider in Ethiopia, which was established in 2004, will appear before court on April 10, 2013, to defend the charges brought on it by 72 members, Yemisrach Hailu, an organizer of the disenfranchised members, told EBR. The charge is regarding the club’s mistreatment of its members, according to the source.
Metro PLC., the sole importer of LG- Life is Good- electronics in Ethiopia announced that it will import five more Care and Delight Buses at a cost of Br 10 million on an event, on which it launched what it called the first-in-Africa Care and Delight Bus Service on March 27, 2013. Metro will receive the buses in a year, Abdulhamid Abubaker, general manager of the company said.
Ethiopian Business Review