Africa trade in the spotlight Half of Africa’s trade will be with Brics countries by 2030, according to Goolam Ballim, chief economist of Standard Bank, reports Fin 24. Currently about a fifth of all of Africa’s trade is with Brics countries (Brazil, Russia, India, China and South Africa). Ballim was a guest speaker at the 8th Africa Trade Finance Week taking place in Cape Town until today. He said China’s trade dominates the collective Brics trade on the continent, presenting about two thirds thereof. “We expect sub-Saharan Africa to break two records in 2014,” said Ballim. “In 2014 the region will be the fastest growing in the world, with growth increasing from 5% in 2013 to 6% in 2014.” The second record will be that inflation is expected to fall below the growth rate for the first time. Ballim also mentioned the “firm and sustained consumer thrust” in sub-Saharan Africa. This trend will lead to a better quality of economic growth. “Africa will have to produce stuff that Africa wants,” he said.
Posted on: Wed, 19 Mar 2014 09:36:18 +0000
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