Africa Is Projected To Have Just One Low-Income Country By 2050 – report

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Large infrastructure gaps, climate change, high speed of urbanisation, and a youthful and rapidly growing population will influence the future pace of growth in Africa.

Most African countries that are today considered low income will transit to middle income within 15 years, and all but one will be middle income by 2050, according to the Annual Trends and Outlook Report (ATOR), released Tuesday, in Addis Ababa, Ethiopia.

The ATOR, released by the Regional Strategic Analysis and Knowledge Support System (ReSAKSS), a programme facilitated by the International Food Policy Research Institute (IFPRI), examines the current and future trends that are likely to shape the trajectory of African economies.

As the second-fastest growing region in the world, Africa has enjoyed robust economic growth in recent years. However, that progress has not been enough to make up for the lost decades of economic stagnation that preceded the recent recovery. And secondly, the benefits of this growth have not trickled down to the wider population. Today, too many people experience poverty and food scarcity.

“While the recent growth performance is encouraging, African counties still face major challenges in terms of reducing poverty and eliminating hunger and malnutrition“, said Ousmane Badiane, IFPRI director for Africa.

“This report shows that policymakers need to continue to refine policies, improve institutions and increase investments to sustain and accelerate the pace of growth as well as its inclusivity or broadness – and the outcomes of their decisions can be the difference between persistent poverty and future shared prosperity for many of Africa’s most vulnerable populations“, Badiane noted.

The report findings include: Africa south of the Sahara is projected to experience more sustained economic growth in GDP per capita between now and 2030 and 2050; by 2050, climate change will result in a 25 percent increase in cereal prices compared with a no climate change scenario. Continue reading Africa Is Projected To Have Just One Low-Income Country By 2050 – report

Career Transfer: A Tech CEO Shares His 2 Most Insightful Pieces Of Career Advice For People In Their 20s

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Greg Schott, chief executive of MuleSoft.

Recent college grads are often inundated with advice. Most is fairly useless — but some (if you’re lucky) is life-changing.

In a recent interview with Greg Schott, CEO of software company MuleSoft , the New York Times’ Adam Bryant asked: “What career and life advice do you give to new college grads“?

The Stanford and North Carolina State University grad offered two pieces we thought were genuine pearls of wisdom: Continue reading Career Transfer: A Tech CEO Shares His 2 Most Insightful Pieces Of Career Advice For People In Their 20s

Business And Financial Tips: 4 Steps to Keep Family Loans From Escalating Into Fisticuffs

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Talking about money with family members is often taboo, and for good reason.

Money can create bresentments and misunderstandings. And while family members do ask one other for money, those doing the lending need to do their homework before handing over the cash.

“The heart of the issue is, if you borrow from a family member, there’s risk because it can cause damage to the personal relationship, depending on how that loan is handled and the expectations from the borrower and the lender“, says Katherine Dean.

Adds Dean, managing director of wealth planning at Wells Fargo Private Bank in North Carolina: “[Family loans] can work, but only if the loan is paid back carefully, and care is given throughout the relationship“.

So, unless you consider the loan a gift, be prepared for problems to arise when your family member doesn’t pay you back, as collecting on a loan can be awkward for borrower and lender alike.

Here are four steps you can take to protect yourself from any financial and emotional consequences and to preserve your relationship.

a.     Review your own finances first

Understand your financial situation. “You must take care of yourself first, and anyone else comes second“, says Michael Eisenberg, a certified public accountant based in Los Angeles. “You don’t want to be lending or gifting money and then find out that your lifestyle is impacted or you can’t pay your own living expenses“.

b.     Ask “why“?
Continue reading Business And Financial Tips: 4 Steps to Keep Family Loans From Escalating Into Fisticuffs