Tough economic conditions meant that 2022 was a rough year for people everywhere in the world. South Africa was no exception. But this year’s crop of problems came on top of a legacy of poor economic performance. The country’s economic growth averaged 1% over the nine years to 2021, leaving the population poorer on average. […]
Nigeria’s COVID-19 economic plan has delivered disappointing results: here’s why
Over a year ago, Nigeria’s President Muhammadu Buhari launched an economic plan designed to mitigate the impact of the COVID-19 pandemic. Since the outbreak of the pandemic, Nigeria has recorded 207,618 cases of infection and 2,745 deaths as of October 11, 2021. The economic effects were devastating. Economic growth turned negative in 2020, unemployment and […]
COVID-19 is prompting more people to head to trusted mainstream news sites for information — new research
More than a year after it began, the pandemic continues to cast a dark cloud over both public health and the economy. The news industry is no exception. Across the world, long-established news titles are being closed, and journalists are being laid off, as advertisers take fright in the face of a global economic downturn. […]
Federal Reserve bows to bank-crisis fears with quarter-point rate hike, letting up a little in its fight against inflation
The Federal Reserve raised interest rates by a quarter-point on March 22, 2023, bowing to market expectations that it would temper its aggressive program of rate hikes amid a still-brewing banking crisis. The U.S. central bank lifted rates to a range of 4.75% to 5%, its ninth-straight increase since March 2022. As late as early […]
Nigeria’s central bank made critical mistakes that doomed the country’s currency redesign
Nigeria has successfully introduced new banknotes on about 10 occasions since independence in 1960. So why has the latest attempt been so controversial and traumatic? And what measures need to be taken to avoid a future debacle? Nigeria’s central bank announced the introduction of new banknotes last November, with the changeover to new notes scheduled […]
What you need to know about inflation
Inflation is one of the most pressing political and economic issues of the moment, but there are many misconceptions about how inflation is measured, where it comes from and how it impacts the average person. In June, inflation in Canada reached a 40-year high of 8.1 per cent. While there are signs inflation may be […]
Five ways to turn Bali into a ‘Zoom island’ for global remote workers
The Indonesian government recently announced plans to send 8,000 Jakarta-based civil servants to work remotely in Bali to help the tourism-dependent economy rebound from the pandemic. If the government succeeds in fully vaccinating Bali residents, the idea makes a certain amount of sense. Hotels and restaurants are struggling to survive. According to Statistics Indonesia, hotel […]
Why you should travel solo this summer
When you think about booking a summer holiday, you might think of trips with partners, friends or family. The idea of going on holiday alone can be daunting, or even unappealing. It raises all kinds of questions – who will you talk to? Who will you eat with? Will you be safe? There has long […]
questionable policy and bad timing
The Central Bank of Nigeria launched new banknotes in November 2022. The new notes came into effect on 15 December 2022. The apex bank also capped withdrawal of the new banknotes at N100,000 (US$222 at the official exchange rate) per week for individuals, and N500,000 (US$1,111) for corporations. Reactions across Nigeria were swift and acerbic. […]
Nigeria’s new foreign exchange policy is good news
The Central Bank of Nigeria recently announced changes to the way the country’s foreign exchange market will work. Foreign currencies can now be bought and sold at rates determined by the market – not by the central bank. This signals the intention of the Bola Ahmed Tinubu administration to allow market forces to determine the […]