Africa’s share of global GDP is in the low single digits, but two factors in particular could prove transformative for its economy: positive population growth amid a shrinking world population, and the benefit of “leapfrogging”, where its nations can adopt new technologies faster as latecomers by skipping traditional development phases. Meanwhile, the post-COVID world has created significant challenges. Higher inflation led to a string of defaults and collapsing currencies, and some multinational corporations have pulled their operations. How can Africa stay on a growth trajectory as it manages its fiscal deficits? Who is investing there today, and are there still attractive opportunities? What about political risk?
Join Citi’s Elise Badoy, Head of Europe, UK, Middle East and Africa Research, and David Cowan, Chief Africa Economist, as they tackle these questions and help us understand Africa’s current state and prospects ahead.
For more details, see David’s Citi GPS report, Africa: A New Growth Model.
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Elise Badoy is a Managing Director and Head of Europe, UK, Middle East and Africa Research. Elise joined Citi in February 2010 and is a member of the Global Research Executive Committee. Prior to Citi, Elise worked at Goldman Sachs from 1999 to 2009, initially on the buy-side at GSAM and from 2001 in the Global Investment Research division covering the Consumer Staples sector. Prior to joining Goldman Sachs, she worked at Daiwa Securities in Equity Capital Markets and at ING Barings in Investment Banking. Elise was named in Financial News’ 100 Most Influential Women in European Finance 2018 and was a 2019 Women in Banking and Finance award for achievement finalist. Elise graduated from Ecole Superieure de Commerce de Paris (ESCP) and is a CFA Charterholder.
David Cowan is a Managing Director and Economist at Citi Research, covering Africa (excluding South Africa). Prior to joining Citi in 2007, David worked at the Economist Intelligence Unit in London for eight years, initially as a senior Economist covering Ghana, Nigeria, Tanzania, Zambia and Zimbabwe and then as Director of the Middle East and North Africa team, leading the coverage of Egypt and Morocco. Previously, David worked at the Bank of Botswana and the Saudi Arabian Ministry of Foreign Affairs. David has a PhD from the University of London and a BSc in Economics from the University of Bath.
