| UPDATED: 19:13, Thu, Jan 28, 2021
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China’s economy reportedly grew 6.5 percent in the final quarter of 2020, indicating a strong recovery from the coronavirus pandemic. The figures, released by China’s National Bureau of Statistics, were slightly higher than those predicted and continued growth from the 4.9 percent increase recorded in the third quarter. The fourth quarter figures mean that overall, in 2020, China’s GDP grew 2.3 percent over the course of the year – making it the only major global econom
TOPLINE As the world struggled to contain the coronavirus crisis, foreign direct investment in the United States plummeted 49% in 2020 while investment in China rose 4%, making China the largest recipient of foreign inflows for the first time, according to a report released Sunday by the United Nations Conference on Trade and Development.
FDI in India rose 13% in 2020, while FDI in the European Union fell by two-thirds.
The U.N. expects foreign investment overall to remain weak in 2021.
BIG NUMBER
42%. That’s how much foreign direct investment fell across the globe in 2020, from $1.5 trillion in 2019 to $859 billion in 2020. Most of that decline occurred in developed countries, the U.N. said.
Addressing African debt burdens
In the first two months of 2020, before COVID-19 struck the global economy, emerging markets experts warned of a growing “wall” of sovereign debt repayments threatening many African nations. Obligations to official ( i.e., national) creditors comprised a large share of the burden, but of equal concern was the growth of indebtedness to private (i.e., individual) creditors, fueled by recent years’ increases in foreign bond issuance.
By the start of 2021, concern has become crisis. Across the world, COVID-19 has ravaged economies and government revenues. For many sub-Saharan African (SSA) nations, that has tipped the delicate balance of debt. Zambia was the first affected, defaulting on debt obligations in November. Many more must take action to avoid the same fate, including Angola, Gabon, Ghana