By Paul Busharizi
With the release of the recent World Bank economic outlook on Uganda, we have an opportunity to re-evaluate our approach to reporting on the economy.
Reporting on the economy is a crucial function of journalism that is often overlooked. This is largely because economic reporting is not extensively taught in journalism schools. As a result, there are few experienced economic journalists who can serve as editors and push for better reporting from their colleagues.
That being said, it is not rocket science and does not require advanced knowledge of economics, though coupled with good reporting, advanced knowledge of the subject has the potential to produce superlative pieces that will not only be informative but make for good reading.
Given the above limitations an open-minded journalist, keen to learn why the world works the way it does, is more than enough to be an award-winning economics journalist.
This guide provides strategies for covering economic issues, along with key resources and sources that will help you gather information, connect with experts and enhance the depth and accuracy of your reporting.
Key economic reporting considerations
GDP reporting
The Gross Domestic Product (GDP) is the total economic activity in a country or community. While the overall size of an economy is interesting, more interesting is how is it growing. Comparing the growth of the economy between periods tells us a lot about how well the economy has been run.
Beyond the growth, we should be interested in what is growing this growth. Changes in the economic activity in the sectors of the economy (agriculture, trade, mining, industry, retail, etc.) lead to national GDP growth.
Also important to look out for and understand is the debate between economic growth and economic development – the improvement or not in the welfare of the people. You can have economic growth without development, but you cannot have development without economic growth.
Related to this is the debate about market-driven economies versus centrally planned economies. While these two types of economies are often considered separate, in reality, economies around the world use a combination of both. The market is responsible for creating wealth, and the government then distributes this wealth through taxation to fund public goods such as security, infrastructure, and social services. In doing so, the government gives more people the opportunity to create wealth.
Reporting on the national budget and how government spending priorities affect economies
The budget gives an insight into what the government considers its priorities and can provide a treasure trove of leads for journalists to pursue. Read once a year by the finance minister, it gives a sense of how well govern is doing in raising funds and spending them for the betterment of the citizens.
It can also be a source of good leads for what the government plans to do in the next year.
The importance of macroeconomic stability
When there is macroeconomic stability, planning and investment become easier. A key factor of macroeconomic stability is inflation – the rate of change of prices in a given time. Prices increasing or decreasing fast make planning difficult, often leading to a shift of resources from production to speculation.
Understanding why prices must remain stable and how to do this sustainably, is useful knowledge when reporting on the economy.
An enabling business environment for all
It is widely appreciated that most economies are only as viable as their private sectors. The private sector not government generates wealth by manipulating labour, land and capital.
For the business community to thrive private property must be safeguarded, prices must remain stable, access to markets must be assured; there must be access to affordable capital, the tax regime must be fair and predictable and an entrepreneurial spirit should be encouraged.
Learning to read financial statements by companies will help the journalist evaluate the business environment properly, and improve the quality of their interrogation and subsequently the quality of their journalism around the sector.
Reporting tips and storytelling pathways
Understanding the basics
- Understand core economic concepts like GDP, inflation, interest rates, and fiscal and monetary policies.
- Get a good grasp of national development plans, the national budget, central bank monetary reports, and laws governing the economy in your country.
- Expand your network of contacts by connecting with key sources across economic advocacy and research organisations.
- Follow economic news daily, particularly in your region and country.
- Follow ongoing national debates and conversations about economic issues. Speak to key sources to stay informed about emerging issues and perspectives.
- Basic data analysis skills can help you interpret economic data and trends.
- Study exemplary economy reporting by other journalists. Analyse their approach to reporting and identify strategies that you can use.
Bring economic matters to life
- Humanise economic issues by focusing on individuals and communities affected by economic changes. Show how economic changes affect people’s daily lives.
- Explain complex economic concepts using relatable metaphors or analogies.
- Use clear and concise language that is easy to understand for a general audience. Note that while it is important to make economic issues understandable, you should avoid oversimplification of key concepts.
- Use vivid descriptions and examples to illustrate financial matters.
- Use visual aids like charts, graphs and other visuals to enhance your reporting and make complex economic data more accessible.
- Create articles that explain complex economic concepts in a clear and concise manner.
- Illustrate economic concepts with real-world examples and case studies.
Explore new angles
- Look beyond the boardroom, reports and financial papers to uncover hidden angles or trends.
- Explore how economic changes affect society, politics and culture. Link your economic reporting to topics like natural resource exploitation, urban development, environmental conservation, water, food security, agriculture, and social inequality. This interconnected approach can reveal the broader impact of economic issues.
- Focus on regional or local economic developments and their impact on communities.
- Stay ahead of the curve by examining emerging economic trends and their potential implications.
- Report on employment rates, wages, job creation, and labor market trends.
- Cover corporate news, mergers and acquisitions, and the impact of business decisions on the economy.
- Track economic-related court cases, and understand the broader implications of key rulings for the economy.
- Report on fiscal and monetary policies, tax reforms, and their effects on the economy.
- Cover trade agreements, tariffs, and the impact of international trade on the economy.
- Follow the journey of investment deals from initial negotiations to final ownership transfers. Investigate compliance with laws and the impact on affected communities, ensuring you bring to light any injustices.
Professional development
- Participate in workshops, seminars, and conferences focused on financial journalism and economic reporting.
- Find a seasoned financial journalist or economist who can provide guidance and support.
- Network with other financial journalists by joining relevant professional organisations.
- Stay informed about the latest developments in the field by subscribing to industry publications and newsletters.
- Familiarise yourself with the legal and ethical guidelines for financial journalism. Be aware of the potential risks associated with investigating economic issues, especially when dealing with powerful interests.
- Do not hesitate to seek support from your colleagues, mentors or professional organisations if you face challenges or threats.
- Economic reporting can be challenging, slow-moving and time-consuming. Be patient and persistent in your pursuit of stories.
Economy reporting resources
Every country has its unique institutions so this is a generic list of where to look for economic information to support your journalism.
- Ministry of Finance
- Central Bank
- Bureau of Statistics
- Ministry of Trade and Industry
- Economy-related regulatory bodies
- Research institutes affiliated with government ministries or universities
- Independent think tanks
- World Bank
- International Monetary Fund (IMF)
- African Development Bank (AfDB)
- United Nations Economic Commission for Africa (UNECA)
- World Trade Organization (WTO)
- Economic policy research and advocacy centres
- NGOs and development organisations
- Trade unions
- Consumer organisations
- Chambers of commerce
- Professional associations in fields such as finance, banking accounting or economics
- Industry associations in fields such as agriculture, manufacturing or technology.
- Commercial banks and investment banks
- Insurance companies
- Market research firms
- Government websites that provide economic data, policy documents, and press releases
- Online platforms like podcasts and blogs that provide commentary and analysis on economic issues
- Social media. Follow economists, policymakers and financial institutions on social media to stay updated on the latest news and trends.
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Feature photo by Tima Miroshnichenko
