Wednesday, December 10, 2008
From Creamer Media in Johannesburg, I'm Shona Kohler.
Making headlines:
The World Bank has released its '2009 Global Economic Prospects' report. It indicates that the international financial crisis is set to sharply slow growth in emerging and developing economies next year, ending a five-year global commodity price boom. The report forecasts that world growth will weaken to 0,9% next year, from 2,5% in 2008.
The World Bank says that the economic downturn will dramatically slow the growth of the past decade in the developing world to 4,5%, down from 6,3% in 2008 and 7,9% in 2007. Chief economist Justin Lin advises that developing countries should adopt fiscal stimulus packages, strengthen social programmes and invest in infrastructure projects to temper the effects of the slowdown.
Hans Timmer, an analyst and forecaster at the World Bank, said it is difficult to predict an economic turnaround, but strong underlying growth potential in developing countries is likely to support a rebound in 2010. The biggest impact on developing countries will be slowing investment growth. This is set to decline to 3,4% in 2009, from more than 13% in 2007.
Meanwhile, international trade volumes are set to fall by 2,1% next year, the first drop since 1982. The bank also said the global economic recession will cause both commodity prices and inflation to drop further.

In South African news, the African National Congress has withdrawn its application for an interdict against the chief electoral officer with regards to the name, Congress of the People.
ANC spokesperson Jessie Duarte, explained that the interdict against the Independent Electoral Commission was withdrawn because the name Cope had not yet been registered. Technically, therefore, the ANC does not have an issue with the commission at this point.
This, however, has no impact on the ANC's case to stop the breakaway Cope movement from using the name, Congress of the People. The proceedings in the Pretoria High Court are set to take place today.
According to the settlement between the ANC and the IEC, the commission undertook not to make a decision on Cope's application to register its party name before December 15, and the ANC agreed not to continue with its case against the IEC, and also to pay legal costs.
In response to this, Cope said that it is confident that the ANC's case against the use of its name remains weak.

In world news, the head of the United Nations Climate Change Secretariat, Yvo de Boer, said that rich nations need to lead the way in climate change. Specific targets for cutting greenhouse gas emissions must be put forward by the end of next year, if agreement on a UN climate pact is to be reached.
De Boer said that developing nations are unlikely to sign up for more action to slow their rising emissions without leadership from the rich. He added, however, that overly ambitious aims should be avoided, if reasonable resolution is to be reached.
US President-elect Barack Obama has said that he aims to cut emissions, running almost 17% above 1990 levels in 2007, back to 1990 levels by 2020.
But analysts say that with the economic crisis, US domestic climate laws are unlikely to be in place by late 2009, in time for the final decision on a UN climate pact.

Also making headlines:
The Inkatha Freedom Party's Mangosuthu Buthelezi says that government is 'impotent' over Zimbabwe.
Parliament's recess is cut short for the Pikoli decision.
South Africa and Nigeria negotiate an air services agreement at the Bi-National Commission.
And, the Ghanaian presidential poll is headed for a runoff.

That's a roundup of news making headlines today. For more on these and other stories, visit polity.org.za.