Africa

AFRICA (African nations are set to see minimal or, in some cases, negative GDP growth in the 3rd Q of 2022):

The ongoing skyrocketing inflation/escalation, impacting food, energy, and commodities prices, is a massive challenge to the 54 African nations. Look for construction costs to increase, increased unemployment, and less CAPEX investment in the next 6 to 12 months:

Africa was a big importer of wheat and barley from Ukraine and Russia. With these products currently unavailable because of the ongoing war, prices have already started to rise, and experts are indicating there will be a severe food shortage causing problems for many African nations.

Africa contains hundreds of millions of citizens that have not yet been vaccinated; this is a prominent issue that still needs to be resolved.

South Africa is currently experiencing between an 8% and 10% escalation in construction materials, Egypt is seeing price hikes of 14% to 17%, and Nigeria’s construction materials are set to increase by 15% to 20% from a year ago.

The African economies and construction sector could be severely impacted by the ongoing war in Ukraine; it is difficult to forecast both the short-term and long-term impact on the 54 African countries.