Feds Sue Countrywide's Anthony Mozilo. Germans back Spanish minister for euro finance job - AP News 8/25/2014 8:09 AM. Russia blocks agricultural imports from Western countries in response to sanctions. Gold loses glister on signs of improving US recovery. Are investors paying too much in charges? | Money. Nigeria becomes Africa's largest economy – get the data | Global development. Nigeria is now the 24th largest economy in the world. Above: a traffic-congested road in Lagos, the country's former capital. Photograph: Tim Graham/Alamy Nigeria has overtaken South Africa as the continent's largest economy after it overhauled its gross domestic product data for the first time in more than two decades. Official figures for 2013, released by Nigeria's statistics bureau, put the country's GDP at $503bn (£307bn) – nearly double previous estimates and well ahead of South Africa at around $350bn.
The announcement follows a protracted process to "rebase" Nigeria's economic data and include information from sectors such as telecommunications and the film industry. The rebasing exercise has pushed the country's GDP from 42.3tn naira in 2013 to 80.3tn naira ($509.9bn) – a jump of 89%. The revision pushes Nigeria up 12 places to become the 24th largest economy in the world – on par with Poland and Belgium and ahead of Argentina, Austria and Iran.
Note figures in millions of naira. Institute of Developing Economies. India: Economy. The economic slowdown bottomed out last year. A spell of global financial turbulence caused capital outflows and pressure on the exchange rate, but strong policy measures stabilized the currency, rebuilt reserves, and narrowed the excessive current account deficit. Weaknesses remain, however, and include persistent inflation, fiscal imbalances, bottlenecks to investment, and inefficiencies that require structural reforms. Without a systemic resolution to these, growth is forecast to pick up modestly. Economic performance The government’s initial estimates peg the growth in gross domestic product (GDP) at 4.9% in Fiscal Year 2013 (ended 31 March 2014), slightly higher than the Asian Development Outlook (ADO) Update 2013 forecast of 4.7%. The estimate could be a tad optimistic, as achieving it would require growth to be boosted to 5.5% in the fourth quarter of FY2013.
After growing by a tepid 1.0% in FY2012, industry decelerated further to 0.7% in FY2013. Source: ADB. 2014. Global Economic Prospects. Source: World Bank. Notes: e = estimate; f = forecast. EMDE = emerging market and developing economy. World Bank forecasts are frequently updated based on new inform... Notes: e = estimate; f = forecast. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Developing economies need robust blueprints to sustain growth. From chickens to handicrafts, how can Zambia's small businesses thrive? | Geoffrey Chongo | Global development. Women in their tailoring shop at a Zambian market. Small businesses can face a tax bill even when they have not made a profit. Photograph: Alamy Zambia has implemented extensive business reforms, from reducing the time it takes to start a company to simplifying licensing requirements.
These changes are happening as donors, including the UK's Department for International Development (DfID), are increasingly trying to create conditions that allow businesses to thrive (pdf) as a way to tackle poverty. In Zambia, ranked seventh in sub-Saharan Africa by the World Bank for ease of doing business, foreign direct investment has risen to $1.7bn (£1bn) in 2012 (pdf) from $72m in 2001. In 2012, it was reclassified as a lower-middle-income country.
Private-sector development is crucial to growth, and while good business environments can promote equitable economic growth, create jobs and reduce poverty, the link is not automatic. Circular economy i i 0. BCUUNIFLOWRPS3 PRMILP05 1737 004. BCUUNIFLOWRPS3 PRMILP05 1737 005.