Russia is waging an economic war on Europe. Moscow has made drastic cuts to European gas supplies. They have fallen by 80%. Palki Sharma tells you how Russian cuts could push Europe into a recession.

Gravitas: Gas War: Russia cuts Europe's gas supply drastically

The world's second-largest economy China is in the middle of a property crisis that is showing no signs of abating. Analysts have predicted that property sales in China could fall by 30% this year, spelling more trouble for the country’s giant housing sector.

China property sales could plunge by 30% as crisis deepens

22 countries in Sub-Saharan Africa have French as their official language, with a population of 300 million people. Francophone countries are predominantly located in central and western Africa. According to Victor Lopes an economist from Standard Charter Bank, Francophone Africa constitutes 15% of Africa’s GDP and receives approximately 20% of foreign investments that are directed to Africa. Despite all this, South African companies are reluctant to do business in this region. However, this region is too dynamic to be ignored.

The World Bank predicted, that, by 2021, 62.5% of Africa’s fastest growing economies will be in Francophone Africa. Currently, it boasts five out of the ten fastest-growing economies in Sub-Saharan Africa, namely, Côte d’Ivoire 7%, Senegal 6.7%, Benin 6.3%, Burkina Faso 6% and Guinea 5.9%. In the South African context, there is huge potential for mining and extraction of natural resources. It is an emerging mining region with countries such as Côte d'Ivoire, Burkina Faso, Guinea and Mali being earmarked as countries that will be leading the mining growth. The region is endowed with vast natural resources: Côte d'Ivoire is the leading producer of cocoa, Mali is the second largest producer of Shea nuts, DRC has the world's largest reserves of coltan and cobalt, and several countries in the region are trying to revitalize their coffee, palm oil and cotton production.

Some businesses are deterred from doing business in Francophone countries because they believe that the political volatility in the region will hinder their businesses. These issues have been taken seriously and addressed, in order to attract business in their countries. According to the 2018 World Bank's annual Ease of Doing Business report assesses that: French-speaking countries achieved especially notable results. The report recognized Togo and Côte d'Ivoire as among "the 10 economies improving the most across three or more areas measured by Ease of Doing Business in 2017/18. There are two major factors that make doing business in Francophone Africa easier. Firstly, the implementation of the Organization for Harmonization of Business Law in Africa (OHADA). OHADA is a legal system that has created homogeneousness amongst member states, which has subsequently created accountability and transparency. Secondly, there is a single currency in the West and Central African CFA, these currencies are both pegged to the Euro, and they offer currency stability.

The misconception that France still has a huge influence and is their main trade partner is still prevalent. There are still strong ties to France but, they are diminishing, because the region is globalizing like other regions of the world. Statistics from UN Comtrade reveal that the French share of exports to Francophone Africa has declined steadily from 13.6% of the total in 2010 to just 9.4% by 2017.&nbsp;Moreover, many companies are also increasingly including English as a business language.

However, much of Francophone Africa is largely underdeveloped and lacks good infrastructure. It is problematic to get the resources to market, without the proper infrastructure to process or transport them. Amidst these challenges are opportunities for companies to invest in the infrastructure sector in the region and these opportunities in this region will trickle down to all sectors.

Additionally, the return of African Development Bank (AfDB) to Abidjan from Tunis was an illustration of confidence in the country and the region. The presence of the AfDB has attracted other funding agencies to have a major presence in the region. With the aforementioned information, it is vital for businesses to explore this overlooked economic jewel.

(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)

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22 countries in Sub-Saharan Africa have French as their official language, with a population of 300 million people. Francophone countries are predominantly located in central and western Africa.

22 countries in Sub-Saharan Africa have French as their official language, with a population of 300 million people. Francophone countries are predominantly located in central and western Africa. According to Victor Lopes an economist from Standard Charter Bank, Francophone Africa constitutes 15% of Africa’s GDP and receives approximately 20% of foreign investments that are directed to Africa. Despite all this, South African companies are reluctant to do business in this region. However, this region is too dynamic to be ignored. The World Bank predicted, that, by 2021, 62.5% of Africa’s fastest growing economies will be in Francophone Africa. Currently, it boasts five out of the ten fastest-growing economies in Sub-Saharan Africa, namely, Côte d’Ivoire 7%, Senegal 6.7%, Benin 6.3%, Burkina Faso 6% and Guinea 5.9%. In the South African context, there is huge potential for mining and extraction of natural resources. It is an emerging mining region with countries such as Côte d'Ivoire, Burkina Faso, Guinea and Mali being earmarked as countries that will be leading the mining growth. The region is endowed with vast natural resources: Côte d'Ivoire is the leading producer of cocoa, Mali is the second largest producer of Shea nuts, DRC has the world's largest reserves of coltan and cobalt, and several countries in the region are trying to revitalize their coffee, palm oil and cotton production. Some businesses are deterred from doing business in Francophone countries because they believe that the political volatility in the region will hinder their businesses. These issues have been taken seriously and addressed, in order to attract business in their countries. According to the 2018 World Bank's annual Ease of Doing Business report assesses that: French-speaking countries achieved especially notable results. The report recognized Togo and Côte d'Ivoire as among "the 10 economies improving the most across three or more areas measured by Ease of Doing Business in 2017/18. There are two major factors that make doing business in Francophone Africa easier. Firstly, the implementation of the Organization for Harmonization of Business Law in Africa (OHADA). OHADA is a legal system that has created homogeneousness amongst member states, which has subsequently created accountability and transparency. Secondly, there is a single currency in the West and Central African CFA, these currencies are both pegged to the Euro, and they offer currency stability. The misconception that France still has a huge influence and is their main trade partner is still prevalent. There are still strong ties to France but, they are diminishing, because the region is globalizing like other regions of the world. Statistics from UN Comtrade reveal that the French share of exports to Francophone Africa has declined steadily from 13.6% of the total in 2010 to just 9.4% by 2017. Moreover, many companies are also increasingly including English as a business language. However, much of Francophone Africa is largely underdeveloped and lacks good infrastructure. It is problematic to get the resources to market, without the proper infrastructure to process or transport them. Amidst these challenges are opportunities for companies to invest in the infrastructure sector in the region and these opportunities in this region will trickle down to all sectors. Additionally, the return of African Development Bank (AfDB) to Abidjan from Tunis was an illustration of confidence in the country and the region. The presence of the AfDB has attracted other funding agencies to have a major presence in the region. With the aforementioned information, it is vital for businesses to explore this overlooked economic jewel. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)

Francophone Africa: The dynamic but overlooked African economic jewel

Traditional debt crises and crashing currencies point to a brewing economic downturn in many developing nations. Africa has been no different, it is witnessing an economic slowdown, and the prevalence of Covid pandemic has hindered the flow of necessary finances for ongoing infrastructure development projects. We look at the latest rise in loans from the international monetary fund, the pros, cons and the pitfalls of such loans.

World Of Africa: Africa's spiralling debt crisis

Taking note of surging inflation and severe slowdowns in the United States and China, the IMF downgrades its outlook for the global economy this year and the next. Will the slowdown in U.S. and China spill over to other economies? Will recession soon be a reality for the world?

WION Fineprint: American & Chinese economies on the edge?

Sri Lanka's envoy to China Palitha Kohona negotiated for an emergency $4 billion aid package to help the island nation to emerge from an economic meltdown.

Sri Lanka is in talks with China for $4 billion aid package to revive its economy

In a blow to nations that have backed Ukraine, Russia will once more shut off gas supplies to Europe, just when there was optimism that economic constraints may lessen this week with the restart of Black Sea grain exports. Despite a Russian air strike over the weekend against the Ukrainian port of Odesa, the United Nations said the first ships from Ukraine might set sail in days as part of a deal reached on Friday. The largest crisis in Europe since World War Two, now in its sixth month, is having an impact far from Ukraine as seen by rising oil prices and the prospect of famine faced by millions in impoverished countries.

On Tuesday, the Ukrainian military announced that Russian cruise missiles had struck targets in the south and that Ukrainian forces had also struck back. An after-hours request for comment was not immediately answered by the Russian defence ministry. Earlier this month, President Vladimir Putin warned the West that sanctions ran the risk of sparking significant increases in world oil prices.&nbsp;

Russian energy company Gazprom announced on Monday that gas supplies via the Nord Stream 1 pipeline to Germany would decrease to 33 million cubic metres per day as of Wednesday, citing directives from an industry watchdog. That is one-half of the existing flows, which are only operating at 40% of capacity normally. About 40% of Europe's gas and 30% of its oil were imported from Russia before the war.

Also Read:&nbsp;<a href="https://www.wionews.com/india-news/sri-lankan-crisis-economy-lessons-india-can-learn-498205">Sri Lankan crisis: Economy lessons India can learn</a>

The Kremlin claims that maintenance issues and Western sanctions are to blame for the gas outage, but the European Union has charged Russia with energy extortion. The latest cut, according to Germany, has no technical justification. Volodymyr Zelensky, the president of Ukraine, issued a warning that the Kremlin was engaging in an "open gas war" against Europe.

(with inputs from agencies)

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In a blow to nations that have backed Ukraine, Russia will once more shut off gas supplies to Europe, just when there was optimism that economic constraints may lessen this week with the restart of Black Sea grain exports.

In a blow to nations that have backed Ukraine, Russia will once more shut off gas supplies to Europe, just when there was optimism that economic constraints may lessen this week with the restart of Black Sea grain exports. Despite a Russian air strike over the weekend against the Ukrainian port of Odesa, the United Nations said the first ships from Ukraine might set sail in days as part of a deal reached on Friday. The largest crisis in Europe since World War Two, now in its sixth month, is having an impact far from Ukraine as seen by rising oil prices and the prospect of famine faced by millions in impoverished countries. On Tuesday, the Ukrainian military announced that Russian cruise missiles had struck targets in the south and that Ukrainian forces had also struck back. An after-hours request for comment was not immediately answered by the Russian defence ministry. Earlier this month, President Vladimir Putin warned the West that sanctions ran the risk of sparking significant increases in world oil prices. Russian energy company Gazprom announced on Monday that gas supplies via the Nord Stream 1 pipeline to Germany would decrease to 33 million cubic metres per day as of Wednesday, citing directives from an industry watchdog. That is one-half of the existing flows, which are only operating at 40% of capacity normally. About 40% of Europe's gas and 30% of its oil were imported from Russia before the war. Also Read: Sri Lankan crisis: Economy lessons India can learn The Kremlin claims that maintenance issues and Western sanctions are to blame for the gas outage, but the European Union has charged Russia with energy extortion. The latest cut, according to Germany, has no technical justification. Volodymyr Zelensky, the president of Ukraine, issued a warning that the Kremlin was engaging in an "open gas war" against Europe. (with inputs from agencies)

Economic revival hope fails after Russia-Ukraine grain deal crashes as Russia cuts gas supply to Europe

South Korean economic growth unexpectedly picked up in the second quarter as strong consumption on eased COVID-19 restrictions offset poor exports, supporting the case for further central bank interest rate hikes.

South Korea's economy unexpectedly speeds up

US Treasury Secretary Janet Yellen on Sunday downplayed fears of a possible recession Sunday but admitted an economic slowdown is occurring.

US Treasury Secretary Janet Yellen downplays recession fears

The presidential office will reopen in Sri Lanka on Monday. The colonial era building has now been cleared of all protesters just hours after Ranil Wickremesinghe took his presidential oath.

Sri Lanka's presidential office to reopen soon

Sri Lanka held its first cabinet meeting under newly-elected President Ranil Wickremesinghe. Cabinet was informed about securing a month-long fuel supply.

Sri Lanka crisis: First cabinet meeting under newly-elected President Ranil Wickremesinghe

Chinese companies are facing scrutiny in India. They're being investigated for tax fraud, duty evasion & forex violations. Which companies are these? How is India holding them accountable? On Gravitas Plus, Palki Sharma explains.

Gravitas Plus: India's economic pushback against China

The world is moving toward a recession. IMF chief warned that the outlook for the global economy has darkened significantly, which means output and earnings are falling. Then, how are some countries experiencing job growth?

How are some countries experiencing 'job miracle' when world is moving towards recession?

Sri Lanka is in a mess. The President has resigned, the state machinery has crumbled, the political order has collapsed. Where is the country headed? How can the crisis be solved? What lessons should the world take? Palki Sharma Upadhyay explains on Gravitas Plus.

Gravitas Plus: Can Sri Lanka fix

Sri Lanka is reeling under its worst economic crisis since independence. The crisis continues to worsen even after President stepped down. Now, SLPP has announced support for Wickremesinghe.

Sri Lanka's economic crisis continues to worsen; protest movement reaches 100 days

Sri Lanka's economic crisis continues to worsen; SLPP announces support to Wickremesinghe

Gravitas Plus: Can Sri Lanka fix itself?

Sri Lanka is in a mess. The President has resigned, the state machinery has crumbled, the political order has collapsed. Where is the country headed? How can the crisis be solved? What lessons should the world take? Palki Sharma Upadhyay explains on #GravitasPlus

Gravitas Plus: Can Sri Lanka fix itself

Sri Lanka is reeling under a severe economic crisis. After weeks of unrest, Gotabaya Rajapaksa has finally stepped down from his post. Now he says he did all he could to avert the Economic crisis.

Sri Lanka economic crisis: Former President Gotabaya says 'Did all I could to avert Economic crisis'

Sri Lanka is reeling under a severe economic crisis. After weeks of unrest, Gotabaya Rajapaksa has finally stepped down from his post. Now, what's next for Sri Lanka? Watch this report.

What's next for Sri Lanka? Lankan parliament to elect a new President

Sri Lanka's PM Ranil Wickremesinghe was sworn in as interim president, after Parliament speaker accepted the resignation of Gotabaya Rajapaksa.

Gotabaya Rajapaksa resigns as Sri Lanka's president

China’s economy contracted sharply in the second quarter plunging to 0.4 per cent, the lowest in two years, as the world’s second largest economy was hit hard by the zero-COVID policy.

China’s economy shrinks sharply in Q2 on zero-COVID policy, GDP plunges to 0.4%

Sri Lankan president Gotabaya Rajapaksa submitted a letter of resignation on July 14, a spokesperson for the parliament speaker said, hours after fleeing to Singapore following mass protests over an economic meltdown.

Sri Lanka: People in Colombo celebrate President Rajapaksa's resignation

Italy's PM Mario Draghi survived a no-confidence vote today. But one of his key allies decided to boycott the vote. Italy's economy faces challenging times ahead. Palki Sharma tells you why Italians cannot afford an election.

Gravitas: Italy Government faces collapse

Parliament has received letter of resignation from Sri Lankan President Gotabaya Rajapaksa. While Maldivian president confirmed the resignation, the authenticity of letter is under review.

Sri Lankan president Gotabaya Rajapaksa submits letter of resignation

Inflation in the United States of America is at a 40-year high. According to a government report released on Wednesday, inflation has hit 9.1 percent in the 12 months to June. Here at 'The Full Context', we decode this and more!

The Full Context: U.S. inflation at an all time high, How does this affect you?

The International Monetary Fund (IMF) and Pakistan had reached an agreement to begin a loan programme that had been put on hold. This will inject $1.17 billion into the faltering economy.

WION Dispatch: IMF agrees to revive loan to Pakistan after fuel, tax hikes

Reports claim at least 19 emerging economies are at risk of default. They are facing a perfect storm of rising expenses and falling foreign exchange reserves. What can these countries do to avoid going the Sri Lanka way? Palki Sharma tells you.

Gravitas: Which countries are going the Sri Lanka way

Sri Lanka's colonial-era presidential palace has embodied state authority for more than 200 years, but on Sunday it was the island's new symbol of "people power" after its occupant fled. Molly Gambhir brings you this ground report by Dasuni Athauda as we take you inside the presidential palace.

WION Fineprint| Ground report from Sri Lanka's seat of power

WION Fineprint| Ground report from Sri Lanka's seat

For centuries, people's movements have shaped political and social order in South Asia. The current chaos in Sri Lanka brings back flashes from other Asian nations. Molly Gambhir tells you about similar uprisings in the region.

WION Fineprint | Sri Lanka: A look at 'people power' in Asia

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