Everything about Economy Of Africa totally explained
Africa's economy consists of the
trade,
industry, and resources of the peoples of
Africa. As of July 2005, approximately
887 million people were living in
54 different states. Africa is the world's poorest inhabited continent. Though parts of the continent have made significant gains over the last few years, of the 175 countries reviewed in the
United Nations'
Human Development Report 2003, 25 African nations ranked lowest amongst the nations of the world. This is partly due to its turbulent history. The
decolonization of Africa was fraught with instability aggravated by cold war conflict. Since mid-20th century the
Cold War and increased
corruption and
despotism have also contributed to Africa's poor economy. The biggest contrast in terms of development has been between Africa and the
economy of East Asia. The economies of
China and
India have grown rapidly, while
Latin America has also experienced moderate growth, lifting millions above subsistence living. By contrast, much of Africa has stagnated and even regressed in terms of
foreign trade,
investment,
per capita income, and other
economic growth measures. Poverty has had widespread effects, including low
life expectancy,
violence, and instability, which in turn have perpetuated the continent's growth problems. Over the decades, there have been many unsuccessful attempts to improve the economies of individual African countries. However, recent data suggest some parts of the continent are experiencing faster growth. The
World Bank reports the economy of Sub-Saharan African countries grew at rates that match global rates.The economies of the fastest growing African nations experienced growth significantly above the global average rates. The top nations in 2007 include
Mauritania with growth at 19.8%,
Angola at 17.6%,
Mozambique at 7.9% and
Malawi at 7.8%.
Regional variation
While no African nation has joined the ranks of the
developed nations in the
Organization for Economic Co-operation and Development (OECD) yet, the entire continent isn't utterly impoverished and there's considerable variation in its wealth. Arab
North Africa has long been closely linked to the
economies of Europe and the
Middle East.
South Africa is by far the continent's wealthiest state, both in
GDP per capita and in total GDP, and its neighbors have shared in this wealth. South Africa is a likely future member of the
OECD. The small but
oil-rich states of
Gabon and
Equatorial Guinea round out the list of the ten wealthiest states in Africa.
The temperate northern and southern ends of the continent are wealthier than tropical sub-Saharan Africa. Within the tropics, East Africa, with its long pre-colonial history of trade and development, has tended to be wealthier and more stable than elsewhere. Islands such as the
Seychelles,
Réunion,
Mauritius, and
Cape Verde have remained wealthier than the continental nations, although the unstable
Comoros remain poor.
The poorest states are those engaged in or just emerging from
civil wars. These include the
Democratic Republic of the Congo,
Sierra Leone,
Burundi, and
Somalia. In recent times the poorest region has been the
Horn of Africa, although it had historically been one of the wealthiest regions of
sub-Saharan Africa.
Ethiopia in particular had a long and successful history. The current poverty of the region, and the associated
famines and wars, have been a problem for decades.
There is considerable internal variation within countries.
Urban areas, especially
capital cities, are generally wealthier than rural zones.
Inequality is pronounced in most African countries; an
upper class has a much higher income than the majority of the population.
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