In its World Economic Outlook released in early October 2017, the International Monetary Fund (IMF) seems to be more optimistic about the global economy, but there are still many risks that can stall the recovery. It estimates that global growth in 2017 will be 3.6%, and forecasts a 3.7% rate for 2018 and 2019. The emerging market and developing economies will be the main growth engine, with an estimated growth of 4.6% in 2017, accelerating to 4.9% and 5% in 2018 and 2019 respectively.
Regional economic integration isn’t working and changing that should be a priority.
Africa is the world’s second-largest and second-most-populous continent with 54 different countries, consisting of a large diversity of ethnicities, cultures and languages. After the end of apartheid more than two decades ago, South Africa is an economic powerhouse in Africa. Though South Africa is still the largest economy in Southern Africa, Nigeria surpassed it as Africa’s largest economy in early 2014. The rapid rising economies of other African countries threaten South Africa’s position as a gateway to Africa.
South Africa can facilitate investment and development of Africa’s nascent ocean economies.
Smart cities leverage on technology and use the large amount of data their citizens generate every second to optimise resources, to connect people and to improve business and trading. A smart city targets energy savings and adopts environmentally-friendly technologies, which helps promoting sustainable development.