Welcome!

News Feed Item

Commerzbank Study: Crisis-resistance of Sub-Saharan Africa Further Increased

FRANKFURT, Germany, January 23, 2014 /PRNewswire/ --

Improvement in infrastructure key challenge for development of the region

Risk of external shocks not averted

With an economic growth of 6 per cent forecast for 2014, sub-Saharan Africa continues to defy the weak global economy. "The international financial crisis has scarcely affected the region," is the conclusion reached in a new study by Commerzbank. On the one hand, this was due to the somewhat low dependency on exports, which amounted to just less than 20 per cent, to the ailing European countries. On the other hand, the countries in the region rich in raw materials were benefitting from the ongoing high prices for raw materials, and were increasingly developing into lucrative growth markets arousing international interest. Even though there were still deficits in terms of the democratisation and efficiency of the political institutions in individual countries, political and economic stability had increased.

There are many reasons for the improved crisis-resistance: Debt relief on the part of the World Bank and the IMF has contributed to this, as has the increasing democratisation of countries, which also encompasses minorities, thus promoting stability and growth. "An important key to the long-term increase in economic dynamism and the export earnings of sub-Saharan Africa is the development and improvement of infrastructure," said Rainer Schäfer, head of Commerzbank's Country Risk Analysis. To date the infrastructure had essentially geared to the transport of mineral resources and agricultural products. Despite the progress attained with the number of ports, many land-locked states only had limited access to cost-favourable transport by sea.

Yet the latecomer position in the global development carousel of the region also offers opportunities such as technological "leapfrogging", the skipping of individual development stages, states the study. It was possible to tackle electricity bottlenecks, triggered by growing demand for energy in the wake of robust economic growth, from the very outset thanks to environmentally-friendly, cheap, and effective technologies. "A great deal of appropriate opportunities open up to foreign investors with the corresponding know-how in the field of renewable energies such as solar technology, wind power, and biogas from biomass," explained Florian Witt, regional head Africa department at Commerzbank's Financial Institutions. Ethiopia, Malawi, und Mozambique were already focusing on biodiesel from the jatropha plant, which thrived on low-yield soils.

As a result of its wealth of raw materials sub-Saharan Africa is heavily dependent on the global economy. The key sectors produce for export, which generates hard currency for vital imports. For this reason, in its study Commerzbank analyses how resistant sub-Saharan Africa is to external shocks: Ongoing weak global economic growth had to date only affected sub-Saharan Africa to a minor degree. Discoveries of oil fields, like in Angola for example, had placed the national economies on a new footing. The economic catching-up process was in full swing and a weak global economy would not stop this. A further factor was the strategic significance which above all China attached to sub-Saharan Africa so as to safeguard its supply of raw materials, and which had prompted it to make further investment in the region.

"Even if the risk of external shocks cannot be fully excluded, we believe that the probability of a disaster hitting the countries of sub-Saharan Africa and severely affecting further economic development is, on the whole, low," is the conclusion reached by Rainer Schäfer and Florian Witt.

With 6 representative offices between Cairo and Johannesburg, as well as 500 bank and 250 institutional clients, Commerzbank is the number one among the German-speaking banks for corporate client business in Africa. It has been active there for 60 years already and maintains business relations to 50 of the 54 countries on the continent. It cooperates with governments, local banks, and central banks above all. Commerzbank processes 11 per cent of all euro payments to other countries from Africa and 35 per cent of all trade financing with Germany.

The study can be downloaded at:

https://www.commerzbank.de/media/en/research/economic_research/sonderstudien/afrika_studie_d.PDF

About Commerzbank

Commerzbank is a leading bank in Germany and Poland. It is also present worldwide in all markets for its customers as a partner to the business world. With the business areas Private Customers, Mittelstandsbank, Corporates & Markets and Central & Eastern Europe, it offers its private and corporate clients as well as institutional investors the banking and capital market services they need. With some 1,200 branches Commerzbank has one of the densest branch networks among German private banks. In total, Commerzbank boasts nearly 15 million private customers, as well as 1 million business and corporate clients. In 2012, it generated revenues of just under EUR 10 billion with approximately 56,000 employees on average.

Press contact:
Martin Halusa:       Tel.: +49-69-136-85331
Kirsten Böddeker:    Tel.: +49-69-136-85466

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and micro services. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your contain...
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, Sandy Ca...
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...