Perspectives

China in Africa

China’s interest in Africa is rooted in its experience with Japanese investment almost forty years ago. Complementary economic interests fuelled relations between the two nations as Japan became a major force behind China’s drive for modernization.  In 1973, Japan began to import oil from China.  In 1978, Japan offered to use low interest Yen loans […]

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Debt versus Growth

The low level of debt in developing countries augurs well for the continuing strong growth of their economies and markets.  As Reinhart and Rogoff[1] demonstrate in their January 2010 paper, there is a strong relationship between the level of government debt and real GDP growth. For both developed and developing countries, GDP growth is highest […]

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India Update

While the limelight is on Brazil and China, we should not overlook the impressive economic achievements and prospects of India. India’s economy has grown over the last decade by seven percent per annum, reducing poverty from 35 to 25 percent of the population and raising GDP per capita to over US$3000, according to the December […]

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New Observations on Demographic Megatrends

No prudent and forward looking asset allocation program can be designed without understanding the massive demographic changes that will reshape our world over the coming decades. The traditional classifications of asset classes no longer fit the economic and financial realities of today’s world and even less so tomorrow’s.  Basing equity classifications on the location of […]

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