Economy

Having posted mixed results in 2011, South Africa’s economy was buoyed by rising demand for commodities and solid growth at home, while continued high unemployment, concerns over the European debt crisis and a slowdown in many of the country’s main trading markets saw a pessimistic close to the year.

Alors que 2011 a été une année turbulente pour de nombreux pays africains, une augmentation des recettes d’exportations générées par les hydrocarbures ainsi que d’importantes réserves financières ont permis d’épargner à l’Algérie les nombreuses incertitudes qui ont secoué la région. Le PIB a progressé de 2,9% en 2011 grâce à la hausse internationale des prix du pétrole qui a alimenté un ambitieux programme d’investissement public dans les infrastructures et l’industrie locale. Le Fonds monétaire international (FMI) prévoit une poursuite de la croissance du PIB algérien de l’ordre de 3,3% pour 2012 et jusqu’à 4% pour 2013.

In a sign that the country has performed well in the face of debt crisis affecting its neighbours in the EU, the Turkish government announced in January that the economy expanded 8% in 2011, with the construction, manufacturing, and retail sectors leading the way. Fears of a hard landing still remain, given Turkey’s chronic current account deficit and its recent struggles with inflation, but a burgeoning domestic economy, combined with political stability and a healthy fiscal position, have enabled the country to post decent macroeconomic data.

In 2011 Abu Dhabi made significant progress towards its long-term goal of economic diversification, with major developments in the fields of industry, transport and tourism. While these are significant accomplishments, the government announced in late 2011 that it was reprioritising certain projects.

In spite of the economic uncertainty that characterised much of 2011, Indonesia’s strong growth has solidified its reputation as one of the world’s most important emerging economies.

Moving into 2012 with the national economy in robust health and riding on the back of double-digit growth in 2011, Ghana’s prospects for 2012 are bright, though much needs to be done to reduce unemployment and spread the benefits of economic expansion to ensure its sustainability.