Nigeria's GDP growth among world's best in 2010, says Aganga

Nigeria's economy fared better than those of most advanced economies of the world last year, with her gross domestic product (GDP) growing by 7.85 percent, compared to a global average of 3.9 percent, according to the World Economic Outlook. Minister of Finance, Segun Aganga said in his presentation at the Institute of Directors (IOD) in Lagos at the weekend that Nigeria's GDP growth rate is among the highest in the world, behind those of China and India.

While average GDP growth rate for Sub-Saharan Africa is put at 4.7 percent, the minister said the GDP of South Africa, the biggest economy on the continent, grew by a mere 2.7 percent.

Indonesians Go Back to Dirham, Dinar

Seeing it as a source of security amid global economic instability, Indonesians are returning back to traditional Islamic currently in their daily transactions.

“I’ve chosen dinar because of it is safe and stable,” Hardjito Warno told OnIslam.net on Saturday, February 26.

The Indonesian man has been collecting gold dinars as a long-term investment since 2006.

An ‘economic president’ who’s bad with politics

Three years ago today, President Lee Myung-bak took office vowing to be an “economic president.” And he proved true to his word, guiding Korea through the global economic crisis and bringing it back to strong economic growth. His approval ratings are high.

But the lowest mark on the Lee administration’s report card is how he plays politics. And in the remaining two years of the former business executive’s term, he’ll need sharper political skills than before - particularly an ability to communicate with the public and negotiate with the opposition - to avoid becoming a lame duck.

Japanese shares down on unrest in Middle East

Japanese stocks declined in Wednesday morning trading as investor sentiment was hurt by turmoil in the Middle East.

The benchmark Nikkei 225 Stock Average lost 20.9 points, or 0.2 percent, to trade at 10,643.8 while the broader Topix index was down 1.39 points, or 0.15 percent, at 955.31.

Korean Won Drops on Concern Mideast Tensions Will Derail Global Recovery

South Korea’s won fell to its lowest in more than a week on concern rising fuel prices caused by escalating tensions in the Middle East will derail the global economic recovery, hurting exports. Government bonds advanced.

Foreign investors sold more Korean stocks than they bought for the first time in four days as security forces in Libya, holder of Africa’s largest oil reserves, attacked anti- government protesters following ousters of leaders in Tunisia and Egypt. The Kospi index of shares sank to a two-month low as crude oil climbed to the highest level since September 2008. Stock prices of builders slumped the most since 2009, led by Hyundai Engineering & Construction Co., on concern orders will fall as Korean construction sites were attacked in Libya.

G-20 ministers reach compromise deal to correct economic flaws

G20 finance ministers have reached a compromise deal to correct global economic imbalances and expressed concern over excessive commodity price volatility impacting the world food security, an issue pressed by India.

After two days of hard bargain by their finance ministers, major economies faced with uneven recovery and downside risks reached a text on guidelines for removal of structural flaws in the global economy.

Toyoo Gyohten: G-20 should urge U.S. to cut deficits, press China to end its opaque dealings

We are in the middle of a currency war.

The only means left for the United States to pull itself out of the economic slump caused by the global financial crisis is the unconventional tactic of "quantitative easing." That means the central bank directly pumping money into the economy through various measures.

Due to a shortage of attractive investment targets at home, surplus dollars have been flowing out of the United States and pouring into emerging economies, pushing up their currencies and raising concerns about inflation.