{"id":788888,"date":"2023-10-09T05:54:01","date_gmt":"2023-10-09T09:54:01","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/citi-gps-africa-a-new-growth-model-premised-on-favorable-demographics-technological-developments-and-a-changing-world-economy\/"},"modified":"2023-10-09T05:54:01","modified_gmt":"2023-10-09T09:54:01","slug":"citi-gps-africa-a-new-growth-model-premised-on-favorable-demographics-technological-developments-and-a-changing-world-economy","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/citi-gps-africa-a-new-growth-model-premised-on-favorable-demographics-technological-developments-and-a-changing-world-economy\/","title":{"rendered":"Citi GPS: AFRICA \u2013 A New Growth Model Premised on Favorable Demographics, Technological Developments, and a Changing World Economy"},"content":{"rendered":"<p>        <!--body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>Citi GPS: AFRICA \u2013 A New Growth Model Premised on Favorable Demographics, Technological Developments, and a Changing World Economy<\/b><\/p>\n<p>LONDON&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nCiti has published its latest Global Perspectives &amp; Solutions (Citi GPS) report titled: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fir.citi.com%2Fgps%2FQ17CvFCluZiqhLci0BrlI9tvPL5s5ddKbuSvrbLVmvcS%252FRJ27YDCnWRl%252BPZ0nFRz%252BjDdFjA2dIC3VTbht8L11g%253D%253D&amp;esheet=53581338&amp;newsitemid=20231009643546&amp;lan=en-US&amp;anchor=AFRICA+--+A+New+Growth+Model&amp;index=1&amp;md5=474e257c0fb5d23ec0cadbf5b1841018\">AFRICA &#8212; A New Growth Model<\/a>. The report suggests that for a new growth model to emerge, African governments and the private sector are going to have to work together to take advantage of the continent\u2019s favorable demographics, technological developments, and a changing world economy \u2013 while maintaining course to develop foundational infrastructure.<\/p>\n<p>\nAlthough broadly speaking Africa rode out the COVID-19 related economic crisis relatively well, with growth slowing much less than most economists\u2019 forecast, the crisis brought to a head many issues that were already emerging. Notably, following COVID-19, and then the rise in international interest rates, widening fiscal deficits have proved hard to fund and led to defaults in both Zambia and Ghana.<\/p>\n<p>\n\u201cCOVID-19 also highlighted the ongoing resilience of the growth story in Africa, which seems to have firmly put a floor on growth in many countries, and the importance of the informal sector as a safety net for many individuals and households across the continent\u201d, says David Cowan, Managing Director and Economist at Citi Research, author of the report.<\/p>\n<p>\nNot only has growth held up remarkably well, but there has been no wider spreading of defaults either. But the challenge facing the continent\u2019s policymakers in the short term is clear \u2014 the need to narrow fiscal deficits. At present, this is set to be achieved under a new wave of IMF programs, which we have broadly dubbed the \u2019New Age of Fiscal Austerity.\u2019<\/p>\n<p>\nUnlike in the late 1980s and early 1990s, the new wave of IMF programs is not based on cutting spending, in fact spending on health and education will be preserved. Instead, fiscal consolidation is largely driven by raising revenue. And a key element of this will be taxing the informal sector. Coupled with this is the challenge to formulate new exchange rate policies in an era of higher global interest rates.<\/p>\n<p>\nIt is also worth highlighting that after the last wave of defaults across Africa in the mid-1990s, better fiscal discipline and more flexible exchange rate regimes ushered in a strong pick-up in growth, eventually encapsulated in the \u201cAfrica Rising\u201d story.<\/p>\n<p>\nWe think that at the time the hype around this story was overplayed, but that does not mean that there were not many real elements to it that still have important implications about how Africa will grow and develop going forward, or which we think will be the key elements of a \u201cNew Growth Model\u201d for Africa.<\/p>\n<p>\n\u201cFor a \u2019New Growth Model\u2018 to emerge, however, African governments, and the private sector are going to have to work together to take advantage of the continent\u2019s favorable demographics, technological developments, and a changing world economy\u201d says David. \u201cAnd at the same time, and critically, not getting caught up in a new hype and forgetting the importance of developing foundational infrastructure,\u201d he adds.<\/p>\n<p>\nThere is an argument that politics could yet undermine such a \u2019New Growth Model\u2018 playing out. While we accept that politics can be a constraint on development, we suspect that if the story is to play out as we hope more African governments will simply have to get serious about economic growth and development as their central political and policy concerns.<\/p>\n<p>\nFinally, it is important to bear in mind, that development does require clear politics and policy, but also has an element of luck. Moreover, it is perhaps a much more gradual process than is often popularly perceived. Africa has changed vastly in the last 50 years and will continue to change. The challenge for policy makers, facing young and demanding populations, is to try and speed up the process.<\/p>\n<p>\nThe digital copy of the report is available at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ficg.citi.com%2Ficghome%2Fwhat-we-think%2Fcitigps%2Finsights%2Fafrica&amp;esheet=53581338&amp;newsitemid=20231009643546&amp;lan=en-US&amp;anchor=https%3A%2F%2Ficg.citi.com%2Ficghome%2Fwhat-we-think%2Fcitigps%2Finsights%2Fafrica&amp;index=2&amp;md5=7f97f1e0d61294256f9c70bcea9aa370\">https:\/\/icg.citi.com\/icghome\/what-we-think\/citigps\/insights\/africa<\/a><\/p>\n<p><b>About Citi Global Perspectives &amp; Solutions (Citi GPS)<\/b><\/p>\n<p>\nAs our premier thought-leadership product, Citi Global Perspectives &amp; Solutions (Citi GPS) is designed to help readers navigate the most demanding challenges and greatest opportunities of the 21st century. We access the best elements of our global conversation with senior Citi senior professionals, academics, and corporate leaders to anticipate themes and trends in today\u2019s fast-changing and interconnected world.<\/p>\n<p><b>About Citi<\/b><\/p>\n<p>\nCiti is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.<\/p>\n<p><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.citigroup.com&amp;esheet=53581338&amp;newsitemid=20231009643546&amp;lan=en-US&amp;anchor=www.citigroup.com&amp;index=3&amp;md5=773b7f14a14a97588daf42fb6a3ecc40\">www.citigroup.com<\/a> | Twitter: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.twitter.com%2Fciti&amp;esheet=53581338&amp;newsitemid=20231009643546&amp;lan=en-US&amp;anchor=%40Citi&amp;index=4&amp;md5=1066f5d982d2327eb259704919249012\">@Citi<\/a> | <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.youtube.com%2Fciti&amp;esheet=53581338&amp;newsitemid=20231009643546&amp;lan=en-US&amp;anchor=www.youtube.com%2Fciti&amp;index=5&amp;md5=39ae4f936143674e8b3fbb7832923496\">www.youtube.com\/citi<\/a> | <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fblog.citigroup.com&amp;esheet=53581338&amp;newsitemid=20231009643546&amp;lan=en-US&amp;anchor=http%3A%2F%2Fblog.citigroup.com&amp;index=6&amp;md5=f5ffca2658a9e3aa177f79d1c0d6bae2\">http:\/\/blog.citigroup.com<\/a> | <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.facebook.com%2Fciti&amp;esheet=53581338&amp;newsitemid=20231009643546&amp;lan=en-US&amp;anchor=www.facebook.com%2Fciti&amp;index=7&amp;md5=1a8294931798aa72d856695dbc3d80e2\">www.facebook.com\/citi<\/a> | <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fciti&amp;esheet=53581338&amp;newsitemid=20231009643546&amp;lan=en-US&amp;anchor=www.linkedin.com%2Fcompany%2Fciti&amp;index=8&amp;md5=31b097dc04d38962829dabd8399ab690\">www.linkedin.com\/company\/citi<\/a><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20231009643546r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20231009643546\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20231009643546\/en\/<\/a><\/span><\/p>\n<p>\nCiti, Citi GPS: Francesco Meucci (<a rel=\"nofollow\" href=\"mailto:francesco.meucci@citi.com\">francesco.meucci@citi.com<\/a>)<\/p>\n<p><b>KEYWORDS:<\/b> Europe Africa United Kingdom<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Banking Professional Services Environmental, Social and Governance (ESG) Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20231009643546\/en\/386817\/3\/citi_2c-blu_pos_rgb.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Citi GPS: AFRICA \u2013 A New Growth Model Premised on Favorable Demographics, Technological Developments, and a Changing World Economy LONDON&#8211;(BUSINESS WIRE)&#8211; Citi has published its latest Global Perspectives &amp; Solutions (Citi GPS) report titled: AFRICA &#8212; A New Growth Model. The report suggests that for a new growth model to emerge, African governments and the private sector are going to have to work together to take advantage of the continent\u2019s favorable demographics, technological developments, and a changing world economy \u2013 while maintaining course to develop foundational infrastructure. Although broadly speaking Africa rode out the COVID-19 related economic crisis relatively well, with growth slowing much less than most economists\u2019 forecast, the crisis brought to a head many issues that were already &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/citi-gps-africa-a-new-growth-model-premised-on-favorable-demographics-technological-developments-and-a-changing-world-economy\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Citi GPS: AFRICA \u2013 A New Growth Model Premised on Favorable Demographics, Technological Developments, and a Changing World Economy&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-788888","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Citi GPS: AFRICA \u2013 A New Growth Model Premised on Favorable Demographics, Technological Developments, and a Changing World Economy - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/citi-gps-africa-a-new-growth-model-premised-on-favorable-demographics-technological-developments-and-a-changing-world-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Citi GPS: AFRICA \u2013 A New Growth Model Premised on Favorable Demographics, Technological Developments, and a Changing World Economy - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Citi GPS: AFRICA \u2013 A New Growth Model Premised on Favorable Demographics, Technological Developments, and a Changing World Economy LONDON&#8211;(BUSINESS WIRE)&#8211; Citi has published its latest Global Perspectives &amp; Solutions (Citi GPS) report titled: AFRICA &#8212; A New Growth Model. The report suggests that for a new growth model to emerge, African governments and the private sector are going to have to work together to take advantage of the continent\u2019s favorable demographics, technological developments, and a changing world economy \u2013 while maintaining course to develop foundational infrastructure. Although broadly speaking Africa rode out the COVID-19 related economic crisis relatively well, with growth slowing much less than most economists\u2019 forecast, the crisis brought to a head many issues that were already &hellip; Continue reading &quot;Citi GPS: AFRICA \u2013 A New Growth Model Premised on Favorable Demographics, Technological Developments, and a Changing World Economy&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/citi-gps-africa-a-new-growth-model-premised-on-favorable-demographics-technological-developments-and-a-changing-world-economy\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-09T09:54:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20231009643546r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/citi-gps-africa-a-new-growth-model-premised-on-favorable-demographics-technological-developments-and-a-changing-world-economy\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/citi-gps-africa-a-new-growth-model-premised-on-favorable-demographics-technological-developments-and-a-changing-world-economy\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Citi GPS: AFRICA \u2013 A New Growth Model Premised on Favorable Demographics, Technological Developments, and a Changing World Economy\",\"datePublished\":\"2023-10-09T09:54:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/citi-gps-africa-a-new-growth-model-premised-on-favorable-demographics-technological-developments-and-a-changing-world-economy\\\/\"},\"wordCount\":856,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/citi-gps-africa-a-new-growth-model-premised-on-favorable-demographics-technological-developments-and-a-changing-world-economy\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20231009643546r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/citi-gps-africa-a-new-growth-model-premised-on-favorable-demographics-technological-developments-and-a-changing-world-economy\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/citi-gps-africa-a-new-growth-model-premised-on-favorable-demographics-technological-developments-and-a-changing-world-economy\\\/\",\"name\":\"Citi GPS: AFRICA \u2013 A New Growth Model Premised on Favorable Demographics, Technological Developments, and a Changing World Economy - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/citi-gps-africa-a-new-growth-model-premised-on-favorable-demographics-technological-developments-and-a-changing-world-economy\/","og_locale":"en_US","og_type":"article","og_title":"Citi GPS: AFRICA \u2013 A New Growth Model Premised on Favorable Demographics, Technological Developments, and a Changing World Economy - Market Newsdesk","og_description":"Citi GPS: AFRICA \u2013 A New Growth Model Premised on Favorable Demographics, Technological Developments, and a Changing World Economy LONDON&#8211;(BUSINESS WIRE)&#8211; Citi has published its latest Global Perspectives &amp; Solutions (Citi GPS) report titled: AFRICA &#8212; A New Growth Model. The report suggests that for a new growth model to emerge, African governments and the private sector are going to have to work together to take advantage of the continent\u2019s favorable demographics, technological developments, and a changing world economy \u2013 while maintaining course to develop foundational infrastructure. Although broadly speaking Africa rode out the COVID-19 related economic crisis relatively well, with growth slowing much less than most economists\u2019 forecast, the crisis brought to a head many issues that were already &hellip; Continue reading \"Citi GPS: AFRICA \u2013 A New Growth Model Premised on Favorable Demographics, Technological Developments, and a Changing World Economy\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/citi-gps-africa-a-new-growth-model-premised-on-favorable-demographics-technological-developments-and-a-changing-world-economy\/","og_site_name":"Market Newsdesk","article_published_time":"2023-10-09T09:54:01+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20231009643546r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/citi-gps-africa-a-new-growth-model-premised-on-favorable-demographics-technological-developments-and-a-changing-world-economy\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/citi-gps-africa-a-new-growth-model-premised-on-favorable-demographics-technological-developments-and-a-changing-world-economy\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Citi GPS: AFRICA \u2013 A New Growth Model Premised on Favorable Demographics, Technological Developments, and a Changing World Economy","datePublished":"2023-10-09T09:54:01+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/citi-gps-africa-a-new-growth-model-premised-on-favorable-demographics-technological-developments-and-a-changing-world-economy\/"},"wordCount":856,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/citi-gps-africa-a-new-growth-model-premised-on-favorable-demographics-technological-developments-and-a-changing-world-economy\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20231009643546r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/citi-gps-africa-a-new-growth-model-premised-on-favorable-demographics-technological-developments-and-a-changing-world-economy\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/citi-gps-africa-a-new-growth-model-premised-on-favorable-demographics-technological-developments-and-a-changing-world-economy\/","name":"Citi GPS: AFRICA \u2013 A New Growth Model Premised on Favorable Demographics, Technological Developments, and a Changing World Economy - 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