welcome to do business africa i'm chris coburn berlin good to have you with us the biggest economic decline in almost a decade is worrying political and business leaders in south africa the country's economy contracted 3.2 percent in the 1st quarter now south africa's economy has already shrunk by the largest amount in a decade largely due to a decline in manufacturing and mining it's a major blow to president cyril ramaphosa who was reelected only a few weeks ago among his election promises a pledge to fight corruption and create jobs so far though his efforts to close the poverty gap have failed unemployment remains stubbornly high with one in 5 people out of work and while the country has posted robust growth in the past those times appear to be over in the 1st 2 quarters of last year the south african economy shrank there was a recovery in the subsequent months but the figures out today have squashed hopes of it continuing so what's behind this most recent slump in the south african economy let's bring him philip vet in johannesburg he is an associate editor for business insider south a

of business asia i'm chris coburn bullet india is known for its strong i.t. sector but when it comes to startups the country doesn't appear to have reached its potential yet it has only 14 so-called unicorns tech startups valued at a $1000000000.00 or more compare that to china which has $84.00 the united states which has $150.00 but it does look like things are changing a small number of startups in the country have already may have already made it mega big earning their founders a fortune let's take a look at some of the major players here there's been bansal who founded e-commerce platform flip card there is a bottle of online selling portal snapdeal and bobbish. who co-founded ride sharing service caps and it's the promise of this kind of success that has got investors increasingly interested in the country's sort of. bungalow is the center in india.

business asia i'm chris coburn bullet india is known for its strong i.t. sector but when it comes to startups the country doesn't appear to have reached its potential yet it has only 14 so-called unicorn's tech startups valued at a $1000000000.00 or more compare that to china which has $84.00 and the united states which has honored 50 but it does look like things are changing a small number of startups in the country have already it may have already made it mega big earning their founders a fortune let's take a look at some of the major players here there's been bansal who founded e-commerce platform flip card there's bol of online selling portal snapdeal and bobbish are all who co-founded ride sharing service caps and it's the promise of this kind of success that has got investors increasingly interested in the country's sort of. bungalow is the center in india and the start of hotspots irresistible for a company like x.l. sex it isn't venture fun we have 3 offices one in san francisco 2nd is in london 3rd is in india the india fund is about a $1000000000