Fri Jan 6, 2017 10:47AM
A photo shows a flag of the African National Congress (ANC) with a portrait of President Jacob Zuma. (Photo by AFP)
A photo shows a flag of the African National Congress (ANC) with a portrait of President Jacob Zuma. (Photo by AFP)
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The year 2016 was filled with severe political instability in the Middle East, which affected the respective economies. Saudi Arabia experienced budget shortfalls, while Iraq’s economy relied on its win against Daesh.

In Africa, leaderships were in question like South Africa’s Jacob Zuma, while in Asia, China’s Silk Road project was a focal point. India’s currency demonetization also made lots of news.

Africa’s biggest economic stories went hand in hand with its political developments, like in South Africa. The ANC, the ruling party, lost quite a bit of ground in the municipal elections, showing how Jacob Zuma’s Party failed the people economically.

Asia was a different story: China was developing its One Belt One Road corridors, while the Philippines saw its incoming president stand up to the US while cozening up to China. And in the Middle East: the big story was Saudi Arabia, which experienced austerity amid a budget shortfall, threatening the kingdoms economic security.