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Africa and the Financial Crisis

Between 1992 and 2002, market capitalization of African stock exchanges more than doubled from $113 billion to $250 billion. From 2002 to 2007 total market capitalization increased 374% to $1.18 trillion while value traded increased from $85 billion to $525 billion, or 516%, over the same period. From 2000 to 2008, Africa’s GDP grew 4.9% a year.

From 2001 to 2006 the world's stock exchanges realized a cumulative return of 53%. For the same period emerging markets realized 188%, Asia 93%, Africa 278%.

In the first half of 2008, the world's stock markets collectively declined 11.8% in terms of index gain in US dollars. On a regional basis, the exchanges of North America were down 10.9%, Asia down 13.9%, Europe down 14.4%. Emerging markets declined by 12.7% while Frontier markets were down 1.8%. On the positive side, Latin America gained 8.0% while Africa (excluding South Africa) gained 11.0% (MSCI, ABRI).

For the year, global stocks fell by a record 44% (MSCI). However, the Ghana SE (60%), Malawi SE (26%), Dar es Salaam SE (21%) and the Bourse de Tunis (11%) all achieved gains for the year. The BRVM (down 10%), the regional exchange serving eight countries in West Africa, was also among the world’s best performers.

In 2008, Africa’s collective GDP was $1.6 trillion, equivalent to that of Russia or Brazil, and combined consumer spending totaled $860 billion.

In 2009, Africa’s GDP expanded 2%, compared to a 3% decline for the United States, a 4 % decline for the European Union, and a 1.5% decline for Latin America.

From 2010 to 2012, Sub-Saharan Africa averaged 5.3 percent GDP growth compared to an average of 4.1 percent world GDP growth.

 

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