Economy of Africa - Knowledge

3726: 749: 3695: 5805:, which has experienced progress in agricultural production, have agreed to share technology with Africa to increase agricultural production in the continent to make it a more viable trade partner. Increased investment in African agricultural technology in general has the potential to reduce poverty in Africa. The demand market for African cocoa has experienced a price boom in 2008. The Nigerian, South African and Ugandan governments have targeted policies to take advantage of the increased demand for certain agricultural products and plan to stimulate agricultural sectors. The African Union has plans to heavily invest in African agriculture and the situation is closely monitored by the UN. 3683: 3718: 737:, with the help of the Making Finance Work for Africa Partnership (MFW4A), surveyed 78 banks in Sub-Saharan Africa for the EIB Banking in Africa study. The banks that took part control nearly 30% of the continent's assets. Almost two-thirds of Banks surveyed tightened lending rules, but more than 80% expanded their use of restructuring or loan moratoriums. Few banks were required to modify their employee levels, while slightly under one-third adjusted their prices. Approximately half of the answering banks had employee guarantees, the majority of which came from the central bank, the government, or an international financial institution. 5846: 833: 5261: 4170: 3707: 741: 40: 579: 412: 6629: 4065: 4205: 6114: 5943: 4625: 1099: 764:. At the same time, developing markets adopted a package worth around 4% of GDP, whereas advanced countries executed a package worth approximately 16% of GDP. As African nations struggled to address the health and economic repercussions of the pandemic, the average fiscal deficit throughout Africa increased from 5% of GDP in 2019 to over 8% in 2020. Due to a lack of fiscal headroom, the deficit resulted in increasing borrowing, which African countries have less capacity to absorb than other developed economies. 5768: 882: 1014: 4310: 6044:", referring to the 21st century potentially being the century when Africa's vast untapped labor, capital, and resource potentials might become a world player. This hope in manufacturing and industry is helped by the boom in communications technology and local mining industry in much of sub-Saharan Africa. Namibia has attracted industrial investments in recent years and South Africa has begun offering tax incentives to attract foreign direct investment projects in manufacturing. 5575: 4590: 6420: 6349: 5437: 5366: 3925: 5472: 4135: 3592: 6012: 5331: 4905: 4030: 5046: 4800: 4485: 6074:. Their various brands of vehicle are currently available in Nigeria, Ghana and other West African Nations. Nigeria also has few Electronic manufacturers like Zinox, the first Branded Nigerian Computer and Electronic gadgets (like tablet PCs) manufacturers. In 2013, Nigeria introduced a policy regarding import duty on vehicles to encourage local manufacturing companies in the country. In this regard, some foreign vehicle manufacturing companies like 4940: 548: 905:. It is becoming a more educated labour force, with nearly half expected to have some secondary-level education by 2020. A consumer class is also emerging in Africa and is expected to keep booming. Africa has around 90 million people with household incomes exceeding $ 5,000, meaning that they can direct more than half of their income towards discretionary spending rather than necessities. This number could reach a projected 128 million by 2020. 6595: 6560: 6314: 5715: 4415: 4240: 3890: 6384: 5540: 4380: 3995: 5610: 5151: 4730: 4345: 3960: 6525: 6179: 5401: 5296: 5081: 5011: 4695: 3785: 6490: 6455: 6279: 5680: 5645: 5226: 4835: 4555: 3820: 1238:. Out of the most diverse 25 countries according to this index, 18 (72%) are African. This includes 12 countries for which Greenberg's diversity index exceeds 0.9, meaning that a pair of randomly selected people will have less than 10% chance of having the same mother tongue. However, the primary language of government, political debate, academic discourse, and administration is often the language of the former colonial powers; 12035: 5505: 4450: 5116: 4765: 4660: 4520: 4275: 3855: 1223: 6643: 4870: 4100: 5186: 4975: 5902: 1211: 11946: 798:, African private investment was steady in 2020, rising to $ 4.3 billion from $ 3.9 billion in 2019 as pipeline and current transactions were closed. For resource-intensive nations, real per capita GDP is anticipated to stay below pre-pandemic levels until at least 2024, with growth of barely 1% per year in 2022 and 2023. Before the pandemic, 2% or more of growth had been anticipated. 3658:

across the continent is expected to accelerate to 4.5% in 2012 and 4.8% in 2013. Short-term problems for the world economy remain as Europe confronts its debt crisis. Commodity prices—crucial for Africa—have declined from their peak due to weaker demand and increased supply, and some could fall further. But prices are expected to remain at levels favourable for African exporter.

967:(GDP) may decline by 2% as a result of a 1 °C rise in average world temperature, and by 12% as a result of a 4 °C rise in temperature. Crop yields are anticipated to drastically decrease as a result of rising temperatures and it is anticipated that heavy rains would fall more frequently and intensely throughout Africa, increasing the risk of floods. 3675:(COMESA), a particularly strong economic region, grew six-fold over the past decade up to 2012. Ghana and Kenya, for example, have developed markets within the region for construction materials, machinery, and finished products, quite different from the mining and agriculture products that make up the bulk of their international exports. 6201:, twice as many as it had 20 years earlier. Nonetheless, African stock exchanges still account for less than 1% of the world's stock exchange activity. The top ten stock exchanges in Africa by stock capital are (amounts are given in billions of United States dollars): but nowadays there are around 29 stock exchanges in Africa: 5951: 1147:. Analysis of the economies of African states finds that independent states such as Liberia and Ethiopia did not have better economic performance than their post-colonial counterparts. In particular the economic performance of former British colonies was better than both independent states and former French colonies. 1313:

subject to uncertain market conditions, farmers press for governmental intervention to suppress competition in their markets, resulting in competition being driven out of the market. As competition is driven out of the market, farmers innovate less and grow less food further undermining economic performance.

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has estimated in 2003 that the impact of subsidies costs developing countries $ 24 billion in lost incomes going to agricultural and agro-industrial production; and more than $ 40Bn is displaced from net agricultural exports. The result of this is that the global price of such products is continually

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It has been argued that infrastructure investments contributed to more than half of Africa's improved growth performance between 1990 and 2005 and increased investment is necessary to maintain growth and tackle poverty. The returns to investment in infrastructure are very significant, with on average

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Africa's economy—with expanding trade, English language skills (official in many Sub-Saharan countries), improving literacy and education, availability of splendid resources and cheaper labour force—is expected to continue to perform better into the future. Trade between Africa and China stood at US$

459:, brought the Portuguese to sub-Saharan Africa as an imperial force. Colonial interests created new industries to feed European appetites for goods such as palm oil, rubber, cotton, precious metals, spices, cash crops other goods, and integrated especially the coastal areas with the Atlantic economy. 422:

For millennia, Africa's economy has been diverse, driven by extensive trade routes that developed between cities and kingdoms. Some trade routes were overland, some involved navigating rivers, still others developed around port cities. Large African empires became wealthy due to their trade networks,

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Countries such as Mauritius have plans for developing new "green technology" for manufacturing. Developments such as this have huge potential to open new markets for African countries as the demand for alternative "green" and clean technology is predicted to soar in the future as global oil reserves

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Because Africa's export portfolio remains predominantly based on raw material, its export earnings are contingent on commodity price fluctuations. This exacerbates the continent's susceptibility to external shocks and bolsters the need for export diversification. Trade in services, mainly travel and

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argues that sub-Saharan Africa was relatively wealthy and technologically advanced until at least the seventeenth century. Some scholars who believe that Africa was generally poorer than the rest of the world throughout its history make exceptions for certain parts of Africa. Acemoglue and Robinson,

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Historians L. H. Gann and Peter Duignan have argued that Africa probably benefited from colonialism on balance. Although it had its faults, colonialism was probably "one of the most efficacious engines for cultural diffusion in world history". These views, however, are controversial and are rejected

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continuing along this line, have argued that the true effects of colonialism are psychological and that domination by a foreign power creates a lasting sense of inferiority and subjugation that creates a barrier to growth and innovation. Such arguments posit that a new generation of Africans free of

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reported Africa to be the world's second-fastest growing economy, and estimates that average growth will rebound to 3.4% in 2017, while growth increased to 4.2% in 2018. Growth has been present throughout the continent, with over one-third of African countries posting 6% or higher growth rates, and

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have outlined plans in modern years on how Africa can help itself industrialize and develop significant manufacturing sectors to levels proportional to the African economy in the 1960s with 21st-century technology. This focus on growth and diversification of manufacturing and industrial production,

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The mineral industry of Africa is one of the largest mineral industries in the world. Africa is the second biggest continent, with 30 million km of land, which implies large quantities of resources. For many African countries, mineral exploration and production constitute significant parts of their

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is well documented. Agricultural subsidies can help drive prices down to benefit consumers, but also mean that unsubsidised developing-country farmers have a more difficult time competing in the world market; and the effects on poverty are particularly negative when subsidies are provided for crops

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has outlined a policy framework, the Africa Mining Vision, to leverage the continent’s mineral reserves in pursuit of sustainable development and socio-economic transformation. A key ambition in this vision is to transform Africa's economies from today's high levels of commodity export to a larger

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that Africa has always been poor due to a number of ecological factors affecting historical development. These factors include low population density, lack of domesticated livestock and plants and the north–south orientation of Africa's geography. However Diamond's theories have been criticized by

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African mineral reserves rank first or second for bauxite, cobalt, diamonds, phosphate rocks, platinum-group metals (PGM), vermiculite, and zirconium. Many other minerals are also present in quantity. The 2005 share of world production from African soil is the following: bauxite 9%; aluminium 5%;

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Railway projects were important in mining districts from the late 19th century. Large railway and road projects characterize the late 19th century. Railroads were emphasized in the colonial era, and roads in 'post-colonial' times. Jedwab & Storeygard find that in 1960–2015 there were strong

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Remittances from the African diaspora and rising interest in investment from the West will be especially helpful for Africa's least developed and most devastated economies, such as Burundi, Togo and Comoros. However, experts lament the high fees involved in sending remittances to Africa due to a

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such as solar, wind and geothermal). The lack of development and infrastructure means that little of this potential is actually in use today. The largest consumers of electric power in Africa are South Africa, Libya, Namibia, Egypt, Tunisia, and Zimbabwe, which each consume between 1000 and 5000

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have made known their plans to have manufacturing plants in Nigeria. Apart from Electronics and vehicles, most consumer, pharmaceutical and cosmetic products, building materials, textiles, home tools, plastics and so on are also manufactured in the country and exported to other west African and

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After an initial rebound from the 2009 world economic crisis, Africa's economy was undermined in the year 2011 by the Arab uprisings. The continent's growth fell back from 5% in 2010 to 3.4% in 2011. With the recovery of North African economies and sustained improvement in other regions, growth

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Angola has announced interests in investing in the EU, Portugal in particular. South Africa has attracted increasing attention from the United States as a new frontier of investment in manufacture, financial markets and small business, as has Liberia in recent years under their new leadership.

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such as that of Jane Shaw suggest that protectionism operates in tandem with heavy State intervention combining to depress economic development. Farmers subject to import and export restrictions cater to localized markets, exposing them to higher market volatility and fewer opportunities. When

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Economic activity has rebounded across Africa. However, the pace of recovery was uneven among groups of countries and subregions. Oil-exporting countries generally expanded more strongly than oil-importing countries. West Africa and East Africa were the two best-performing subregions in 2010.

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promoted economic and political union of African countries, with the goal of independence. Since then, objectives, and organizations, have multiplied. Recent decades have brought efforts at various degrees of regional economic integration. Trade between African states accounts for only 11% of

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A significant factor on economic development was the gain of human capital by the elite. Between the 14th and 20th century, it can be observed that in regions with more elite violence and hence higher chances to die at a younger age the elite did not invest much in education. Therefore, their

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Remittances continue to be the most important source of external financial flows to Africa, accounting for 3.8% of GDP in 2021. However, only approximately 30% of it is dedicated to economic activities, the majority of which are in the informal sector, limiting its potential for productive

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48% of working people in Africa work in agriculture, the highest in the world. The situation whereby African nations export crops to the West while millions on the continent starve has been blamed on the economic policies of the developed countries. These advanced nations protect their own

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In Africa, it is argued that to meet the MDGs by 2015, infrastructure investments would need to reach about 15% of GDP (around $ 93 billion a year). Currently, the source of financing varies significantly across sectors. Some sectors are dominated by state spending, others by overseas

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has shown, most famines involve a local lack of income rather than of food. In such situations, food aid—as opposed to financial aid—has the effect of destroying local agriculture and serves mainly to benefit Western agribusiness which are vastly overproducing food as a result of

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in African countries through to mid-2020 amounted to roughly 1–2% of GDP, with monetary stimulus amounting to about 2% of GDP. This is close to the IMF's global average for low-income developing nations, which is around 2% of 2020 GDP over a one-year period from the start of the

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Africa's US$ 107 billion financial services industry will log impressive growth for the rest of the decade as more banks target the continent's emerging middle class. The banking sector has been experiencing record growth, among others due to various technological innovations.

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The manufacturing sector is small but growing in East Africa. The main industries are textile and clothing, leather processing, agribusiness, chemical products, electronics and vehicles. East African countries like Uganda also produce motorcycles for the domestic market.

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1,025 per person a year) by 2025 if current growth rates continue. There are a number of reasons for Africa's poor economy: historically, even though Africa had a number of empires trading with many parts of the world, many people lived in rural societies; in addition,

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Petroleum and petroleum products are the main export of 14 African countries. Petroleum and petroleum products accounted for a 46.6% share of Africa's total exports in 2010; the second largest export of Africa as a whole is natural gas, in its gaseous state and as

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Telecommunications infrastructure is also a growth area in Africa. Although Internet penetration lags other continents, it has still reached 9%. As of 2011, it was estimated that 500,000,000 mobile phones of all types were in use in Africa, including 15,000,000

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financiers between them exceed state spending. The private sector spending alone equals state capital expenditure, though the majority is focused on ICT infrastructure investments. External financing increased from $ 7 billion (2002) to $ 27 billion (2009).

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as their legal tender. The idea of a single currency union across Africa has been floated, and plans exist to have it established by 2020, though many issues, such as bringing continental inflation rates below 5 percent, remain hurdles in its finalization.

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that is controlling Africa's remittance market, making Africa is the most expensive cash transfer market in the world. According to some experts, the high processing fees involved in sending money to Africa are hampering African countries' development.

1122:, argue that these colonial policies are directly responsible for many of Africa's modern problems. Critics of colonialism charge colonial rule with injuring African pride, self-worth and belief in themselves. Other post-colonial scholars, most notably 2385:

has heightened the competition for foreign aid among developing countries, Africa has been trying to improve its struggle to receive foreign aid by taking more responsibility at the regional and international level. In addition, Africa has created the

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chromite 44%; cobalt 57%; copper 5%; gold 21%; iron ore 4%; steel 2%; lead (Pb) 3%; manganese 39%; zinc 2%; cement 4%; natural diamond 46%; graphite 2%; phosphate rock 31%; coal 5%; mineral fuels (including coal) & petroleum 13%; uranium 16%.

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Africa will only experience a "demographic dividend" by 2035, when its young and growing labour force will have fewer children and retired people as dependents as a proportion of the population, making it more demographically comparable to the

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Many large infrastructure projects are underway across Africa. By far, most of these projects are in the production and transportation of electric power. Many other projects include paved highways, railways, airports, and other construction.

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Intra-African trade has been slowed by protectionist policies among countries and regions, and remains low at 17 percent, compared to Europe, where intra-regional trade is at 69 percent. Despite this, trade between countries belonging to the

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of agricultural production, has fueled hopes that the 21st century will prove to be a century of economic and technological growth for Africa. This hope, coupled with the rise of new leaders in Africa in the future, inspired the term "the

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Africa's total commerce as of 2012, around five times less than in Asia. Most of this intra-Africa trade originates from South Africa and most of the trade exports coming out of South Africa goes to abutting countries in Southern Africa.

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The African Ministers of Trade agreed in 2010 to create a Pan-Africa Free Trade Zone. This would reduce countries' tariffs on imports and increase intra-African trade, and it is hoped, the diversification of the economy overall.

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Following the independence of African countries during the 20th century, economic, political and social upheaval consumed much of the continent. An economic rebound among some countries has been evident in recent years, however.

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China and India have showed increasing interest in emerging African economies in the 21st century. Reciprocal investment between Africa and China increased dramatically in recent years amidst the current world financial crisis.

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correlations between transportation investments and economic development. Influential political include pre-colonial centralization, ethnic fractionalization, European settlement, natural resource dependence, and democracy.

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is dependent upon the poverty of the rest of the world, including Africa. Economists who subscribe to this theory believe that poorer regions must break their trading ties with the developed world in order to prosper.

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Sub-Saharan Africa was severely harmed when government revenue declined from 22% of GDP in 2011 to 17% in 2021. 15 African nations hold significant debt risk, and 7 are currently in financial crisis according to the

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Today, Africa faces the problem of attracting foreign aid in areas where there is potential for high income from demand. It is in need of more economic policies and active participation in the world economy. As

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will boost business activities between member states and within the continent. This will further reduce too much reliance on importation of finished products and raw materials in to the continent.

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has been criticized for supplanting trade initiatives. Growing evidence shows that foreign aid has made the continent poorer. One of the biggest critics of the aid development model is economist

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Lack of infrastructure creates barriers for African businesses. Although it has many ports, a lack of supporting transportation infrastructure adds 30–40% to costs, in contrast to Asian ports.

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in developed countries hampers Africa's growth. When developing countries have harvested agricultural produce at low cost, they generally do not export as much as would be expected. Abundant

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numeracy (as a measure of human capital) tends to be lower than in less safe countries and vice versa. This can explain the difference in economic development between the African regions.•

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abroad, especially in the EU and the United States, have increased efforts to use their businesses to invest in Africa and encourage African investment abroad in the European economy.

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that are also grown in developing countries since developing-country farmers must then compete directly with subsidised developed-country farmers, for example in cotton and sugar. The

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are increasingly important trade partners; 12.5% of Africa's exports are to China, and 4% are to India, which accounts for 5% of China's imports and 8% of India's. The Group of Five (

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are potentially among the world's richest nations by natural resources, but have sunk into the list of the world's poorest nations due to pervasive political corruption, warfare, and

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or other uses of earnings, permitted the temporary release of capital buffers, eased capital or liquidity requirements, or made other temporary adjustments to prudential standards.

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about 27 of its members who average some of the most developing economies of the continent will further boost economic social and political integration of the continent. The

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Although Africa and Asia had similar levels of income in the 1960s, Asia has since outpaced Africa, with the exception of a few extremely poor and war-torn countries like

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The increased investment in Africa by China has attracted the attention of the European Union and has provoked talks of competitive investment by the EU. Members of the

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The principal aim of colonial rule in Africa by European colonial powers was to exploit natural wealth in the African continent at a low cost. Some writers, such as

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Jedwab, Remi; Storeygard, Adam (4 May 2019). "Economic and Political Factors in Infrastructure Investment: Evidence from Railroads and Roads in Africa 1960–2015".

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another 40% growing between 4% and 6% per year. Several international business observers have also named Africa as the future economic growth engine of the world.

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economies and remain keys to future economic growth. Africa is richly endowed with mineral reserves and ranks first or second in quantity of world reserves of

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Debt relief is being addressed by some international institutions in the interests of supporting economic development in Africa. In 1996, the UN sponsored the

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According to The Economist, the most important factors are government corruption, political instability, socialist economics, and protectionist trade policy.

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Africa and Africans in the Formation of the Atlantic World, 1400–1680 (New York and London: Cambridge University Press, 1992, second expanded edition, 1998).

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share of industrial manufacturing of higher value-added products, an ambition that will require investments in capacity building, research and development.

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Local conditions also affect exports; state over-regulation in several African nations can prevent their own exports from becoming competitive. Research in

1040:(MDGs). Infrastructure investments and maintenance can be very expensive, especially in such areas as landlocked, rural and sparsely populated countries in 13541: 13040: 13031: 13022: 12953: 12923: 12908: 12873: 12838: 12833: 12783: 12728: 11125: 7006: 5954:

Somaliland Crude oil Genel Energy Concession schematic , Somaliland estimates of crude at 30Bn Barrels targets of Exploration and Production in 2024-2025

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Entrepreneurship is key to growth. Governments will need to ensure business friendly regulatory environments in order to help foster innovation. In 2019,

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Africa is warming faster than the rest of the world on average. Large portions of the continent may become uninhabitable as a result and Africa's

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market scene: Two of the customers are seen carrying little boxes on their shoulders, suspected to have contained pieces of metal used as payment.

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has taken a kind of middle position, arguing that the effects of colonialism were actually limited and their main weakness wasn't in deliberate

11336: 9447: 8495: 7307:"European Trade, Colonialism, and Human Capital Accumulation in Senegal, Gambia and Western Mali, 1770–1900 – African Economic History Network" 6687: 5788:

of such commodities as grain, cotton and milk. The impact of agricultural subsidies in developed countries upon developing-country farmers and

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was left as one of the world's poorest and most aid-dependent nations, and has taken decades to recover. Since the abolition of the socialist

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and water supply and sanitation, the private sector represents the majority of capital expenditure. Overall, aid, the private sector and non-

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Additionally, Africa loses between $ 7 billion and $ 15 billion a year due to climate change, projected to reach up to $ 50 billion by 2030.

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is considered to be Nigeria's industrial hub (as most factories are located in Ogun and even more companies are moving there), followed by

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have argued that the poverty of Africa at the onset of the colonial period was principally due to the demographic loss associated with the

12229: 1068:(ODA) and yet others by private investors. In sub-Saharan Africa, the state spends around $ 9.4 billion out of a total of $ 24.9 billion. 13829: 13336: 13269: 12110: 11365: 6732: 5762: 2362: 345:

in Africa. Africa is a resource-rich continent. Recent growth has been due to growth in sales, commodities, services, and manufacturing.

11427: 11181: 7168:"Despite Global Slowdown, African Economies Growing Strongly― New Oil, Gas, and Mineral Wealth an Opportunity for Inclusive Development" 946:

startup funding grew to 1.3 billion dollars, increasing rapidly. The causes are as of yet unclear, but education is certainly a factor.

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In irrigation, SSA states represent almost all spending; in transport and energy a majority of investment is state spending; in

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predicts Africa's economic growth will reach 3.5% in 2018 and 3.7% in 2019. As of 2007, growth in Africa had surpassed that of

11520:"Reducing Remittance Costs to Africa: A Path to Resilient Financing for Development | Office of the Special Adviser on Africa" 11360: 10996: 10739: 2965:

excludes all disputed territories, while 710,850 km would include the Moroccan-claimed and partially-controlled parts of

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Nigeria in recent years has been embracing industrialization, It currently has an indigenous vehicle manufacturing company,

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and unrest, widespread corruption, and despotic regimes are both causes and effects of the continued economic problems. The

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7 billion plan to further develop infrastructure and work more intensively with African heads of state. A new program named

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Laouisset, Djamel (2009). A Retrospective Study of the Algerian Iron and Steel Industry. New York City: Nova Publishers.

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reports the economy of Sub-Saharan African countries grew at rates that match or surpass global rates. According to the

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overseas instead of investing at home; the stereotype of African dictators with Swiss bank accounts is often accurate.

1431: 633:. The region went on to receive IMF Special Drawing Rights of $ 23 billion in 2021 to assist critical public spending. 11129: 10892: 9842:

World Food and Agriculture – Statistical Yearbook 2023 | FAO | Food and Agriculture Organization of the United Nations

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in 1992 and the transition to democracy, Tanzania has experienced rapid economic growth, with growth of 6.5% in 2017.

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is the largest international economic grouping on the continent. The confederation's goals include the creation of a

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Probability of going bankrupt due to COVID-19 – difference between female-led firms and male-led firms. (as of 2023)

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reduced until Africans are unable to compete, except for cash crops that do not grow easily in a northern climate.

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and James K. Boyce estimate that from 1970 to 2008, capital flight from 33 sub-Saharan countries totalled $ 700bn.

2038: 1883: 1305:, are thought to be the cause. Although these subsidies and tariffs have been gradually reduced, they remain high. 1118: 920:, designed to boost trade within the continent as well as between Africa and the U.S., was also unveiled by Obama. 685: 12147: 10614: 8765: 7193: 6819:"World Population Prospects 2022: Demographic indicators by region, subregion and country, annually for 1950-2100" 13995: 13804: 13581: 13526: 11308: 10335: 8081: 6772: 6108: 2064: 1506: 707: 9733: 9424: 13184: 13179: 8753: 6752: 6265: 2793: 2458: 2192: 1973: 1025: 11624: 10942: 10662: 9791: 6872: 13546: 12590: 11388: 7909: 6898: 6648: 6617:

Between 2009 and 2012, a total of 72 companies were launched on the stock exchanges of 13 African countries.

6546: 6053: 1968: 1963: 1782: 1018: 11103: 9557: 9525: 9493: 8288: 5266: 3423: 3209: 12354: 10025: 9362: 8521: 7288: 6979: 6925: 6036: 3694: 3521: 3267: 3197: 3023: 1037: 523: 12182: 8157:"Comment: Africa has the highest proportion of women entrepreneurs. How can we make sure they get funded?" 7331:

Baten, Jörg; Alexopoulou, Kleoniki. "Elite violence and elite numeracy in Africa from 1400 CE to 1950 CE".

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tourism, continued to rise in year 2012, underscoring the continent's strong potential in this sphere.

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African countries. Nigeria is currently the largest manufacturer of cement in Sub-saharan Africa. and

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they have enacted, have also contributed to economic stagnation in Africa. For example, the regime of

601:. Data suggest parts of the continent are now experiencing fast growth, thanks to their resources and 13824: 13630: 13356: 13351: 13346: 13285: 13214: 13135: 12646: 12059: 9704: 8973: 5789: 2374: 2187: 2090: 2028: 1792: 1772: 1642: 1596: 1491: 1166: 11573: 11346: 9887: 8395: 7349: 13850: 13620: 13556: 13459: 13388: 13226: 13209: 12394: 11976: 11972: 11956: 11435: 7371:, Palgrave Studies in Economic History, Cham: Springer International Publishing, pp. 301–372, 6672: 6335: 4070: 3351: 3189: 2908: 2080: 1958: 1948: 1827: 1807: 1747: 1742: 1692: 1662: 1652: 1132: 987: 818: 734: 719: 475:

The dawn of the African economic boom (which is in place since the 2000s) has been compared to the

389: 269: 264: 12093: 9119: 8836:, Empire: How Britain Made the Modern World and Colossus: The Rise and Fall of the American Empire 8014:"The territorial impact of COVID-19: Managing the crisis and recovery across levels of government" 7959:"The territorial impact of COVID-19: Managing the crisis and recovery across levels of government" 7447: 3041:

There are currently eight regional organizations that assist with economic development in Africa:

934:

The gap between rich and poor countries is predicted to continue to grow over the coming decades.

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Eastern Africa' manufacturing sector: Promoting technology, innovation, productivity and linkages

9305: 8443: 8129: 6581: 6511: 6300: 2443: 2431: 2182: 2166: 2121: 2105: 1943: 1797: 1787: 1707: 1551: 1348: 1309: 476: 82: 10969: 740: 447:. Some parts of Africa had close trade relationships with Arab kingdoms, and by the time of the 13819: 13799: 13779: 13662: 13478: 13439: 13305: 13290: 13189: 13085: 12509: 12399: 12329: 12225: 9910: 9903: 8865: 7835:"Hundreds of African financial professionals benefit from EIB banking and microfinance academy" 6677: 3135: 2522: 2419: 2344: 2151: 2141: 2100: 2013: 2008: 1988: 1873: 1812: 1777: 1757: 1677: 1626: 1606: 1516: 1481: 1476: 1156: 1093: 964: 832: 286: 66: 39: 12107: 11595: 8057:"Global Growth to Slow through 2023, Adding to Risk of 'Hard Landing' in Developing Economies" 7093: 7030: 990:

was fraught with instability aggravated by cold war conflict. Since the mid-20th century, the

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had the lowest. In a recent report, female-led businesses were found more likely to invest in

483:

since late 1970s. In 2013, Africa was home to seven of the world's fastest-growing economies.

364:

In March 2013, Africa was identified as the world's poorest inhabited continent; however, the

13449: 12848: 12666: 12569: 12489: 12454: 12439: 12424: 12379: 12314: 12242: 8648: 7734: 7336: 6476: 6441: 5976: 5886: 5850: 4210: 3193: 2435: 2161: 2146: 2126: 2033: 1993: 1953: 1918: 1913: 1903: 1893: 1888: 1878: 1863: 1858: 1853: 1832: 1762: 1752: 1697: 1657: 1647: 1611: 1586: 1576: 1571: 1561: 1556: 1541: 1536: 1511: 1403: 1383: 700: 689: 411: 374: 12620: 12172: 11731: 9652: 3706: 613:, the improvement in the region's aggregate growth is largely attributable to a recovery in 451:, Africans had begun converting to Islam in large numbers. This development, along with the 13199: 12444: 12197: 12055: 11964: 10286: 9768: 8694: 8586: 5820: 2463: 2439: 2355: 2244: 2131: 2059: 2054: 2023: 2003: 1998: 1983: 1978: 1938: 1933: 1908: 1898: 1817: 1737: 1732: 1722: 1687: 1672: 1667: 1621: 1616: 1546: 1471: 1324: 1282: 1127:

colonial thought and mindset is emerging and that this is driving economic transformation.

1029: 995: 913: 870: 771:, with an average of 14 measures per country. 34 African nations adopted steps to increase 756: 578: 527: 369: 368:

expects that most African countries will reach "middle income" status (defined as at least

226: 171: 12084: 11459:"Sending money home to Africa is cheaper than it was, but still higher than anywhere else" 9994:"How much does it hurt? The Impact of Agricultural Trade Policies on Developing Countries" 9755: 730:(MDRI). As of 2013, the initiative has given partial debt relief to 30 African countries. 384:

However, as of 2013, Africa was the world's fastest-growing continent at 5.6% a year, and

8: 13635: 13625: 13551: 13424: 13419: 13319: 13221: 13204: 13147: 12968: 12943: 12793: 12544: 12519: 12369: 12364: 12344: 12309: 12294: 9948: 9840: 7753: 7492: 7056: 6697: 2358:. Foreign aid has been an integral part of African economic development since the 1980s. 2136: 2095: 2018: 1928: 1837: 1802: 1767: 1727: 1702: 1682: 1601: 1566: 1531: 1521: 1501: 1247: 780: 531: 406: 8846:

http://pure.au.dk/portal-asb-student/files/41656700/alexandra_hrituleac_thesis_1_dec.pdf

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With the introduction of the new economic growth and development plan introduced by the

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Please help update this article to reflect recent events or newly available information.

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is expected to rise by an average of over 6% a year between 2013 and 2023. In 2017, the

13809: 13702: 13682: 13640: 13605: 13561: 13488: 13169: 12893: 12883: 12703: 12616: 12607: 12598: 12529: 12499: 12484: 12469: 12459: 12449: 12414: 12409: 12359: 12304: 12279: 11871: 11831: 11823: 10420: 9875: 8609: 8574: 8241: 8208: 7390: 7369:

Economic Development in the Twenty-first Century: Lessons for Africa Throughout History

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African countries suffer from communication difficulties caused by language diversity.

1162: 1049: 814: 784: 768: 602: 452: 342: 274: 12152: 10636: 8470:"Climate change triggers mounting food insecurity, poverty and displacement in Africa" 6113: 703:, the rate of return on investment in Africa was the highest in the developing world. 220: 13948: 13765: 13650: 13571: 13194: 13162: 13120: 12958: 12689: 12539: 12534: 12474: 12429: 12389: 12284: 11923: 11908: 11893: 11876: 11860: 11849: 11835: 11795: 11787: 11779: 11382: 10494:"Yesterday mineral supplier, tomorrow battery producer - The Nordic Africa Institute" 10454:"Yesterday mineral supplier, tomorrow battery producer - The Nordic Africa Institute" 10424: 10313: 10251:"Though making 'very good progress,' Africa still faces challenges, says UN official" 9914: 9854: 9466: 9204: 8899: 8871: 8640: 8614: 8449: 8246: 8228: 8135: 8103:"Africa banks maintain resilience amid difficulty, EIB survey shows – Businessamlive" 7814: 7637: 7556: 7422: 7394: 7380: 7261: 7201: 6059: 5995: 4315: 2351: 2252: 1258: 1195: 979: 826: 795: 761: 499: 322: 259: 12215:

African Development Hindered by Vast US Corporate Interests in Continent’s Resources

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Finance in Africa: Uncertain times, resilient banks: African finance at a crossroads

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Food shipments in case of dire local shortage are generally uncontroversial; but as

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Northern and Southern African countries took the most total measures to address the

13735: 13672: 13464: 12888: 12828: 12798: 12773: 12594: 12514: 12464: 12419: 12404: 12384: 12374: 12349: 12289: 12173:

IMF World Economic Outlook (WEO) – September 2003 – Public Debt in Emerging Markets

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Sarl, Etnium, ed. (2013). "2013 Guide economique du continent Bourses Africaines".

9846: 9556:. United Nations Economic Commission for Africa (UNECA). p. 47. Archived from 9524:. United Nations Economic Commission for Africa (UNECA). p. 46. Archived from 9492:. United Nations Economic Commission for Africa (UNECA). p. 45. Archived from 9086: 8675: 8604: 8594: 8287:. United Nations Economic Commission for Africa (UNECA). p. 44. Archived from 8236: 8220: 7372: 7254:

https://www.imf.org/external/datamapper/NGDPD@WEO/AFQ/DZA/ZAF/MAR/NGA/EGY?year=2018

6134: 5873: 5865: 5836: 2275: 2268: 1239: 1170: 1136: 845:

Trade has driven much of the growth in Africa's economy in the early 21st century.

444: 10416: 10138:"Private sector invests N1.7 trillion in Nigeria's agricultural sector – Jonathan" 9287: 7709: 7605: 7078: 13964: 13836: 13717: 13697: 13692: 13687: 13677: 13376: 13247: 13174: 13157: 12524: 12434: 12324: 12127: 12114: 12074: 11844: 10589: 10362: 9955: 9659: 9203:

Skinner, Annabel (2005). Tanzania & Zanzibar. New Holland Publishers. p. 19.

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Africa in the World Economy: the national, regional and international challenges

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Bhattacharyya, S. (1 November 2009). "Root Causes of African Underdevelopment".

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lies in local investment. Corruption in Africa consists primarily of extracting

1013: 881: 829:. 65% of banks in Africa were found to have a gender focused strategy in place. 13913: 13868: 13863: 13858: 13483: 13361: 12219: 12132: 10967: 10559:"Resources Boom Represents Development Potential in Africa – Mining Technology" 9826: 9796: 9007:

Unequal Development: An Essay on the Social Formations of Peripheral Capitalism

8833: 6551: 6198: 6162: 6080: 6031: 5972: 5905: 5785: 2966: 2260: 1294: 1286: 1140: 594: 448: 436: 354: 11337:"China to maintain aid, investment in Africa 'regardless of financial crisis'" 9968: 8811:

The Burden of Empire: A Reappraisal of Western Colonialism South of the Sahara

8224: 7989:"Finance in Africa: for green, smart and inclusive private sector development" 7364: 5994:

Since Africa is home to large reserves of the minerals needed for the ongoing

5950: 5889:, accounting for a 6.3% share of Africa's exports. Only South Africa is using 5784:

and offer government subsidies to their farmers. which many contend leads the

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asserts that the wealth and prosperity of the superpowers and their allies in

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in particular, are expected to reach a combined GDP of $ 29 trillion by 2050.

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Guns, Germs and Steel: A Short History of Everybody for the Last 13,000 Years

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countries totalled $ 187bn, exceeding those nations' external debts. Authors

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for example, argue that most of Africa has always been relatively poor, but "

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was created from a revision of this article dated 27 November 2009

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Finance in Africa: for green, smart and inclusive private sector development

5767: 2985:, making up about 22.8 km (8.8 sq mi) more claimed territory. 2434:

is meant to stimulate development. The AU plans also include a transitional

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agrees with his last point, arguing that colonialism's main weaknesses were

680:. Growth was dismal, negative or sluggish in many parts of Africa including 13755: 13371: 11756:

Sarl, ed. (2013). "2013 Guide economique du continent Bourses Africaines".

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Sarl, ed. (2013). "2013 Guide economique du continent Bourses Africaines".

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Sarl, ed. (2013). "2013 Guide economique du continent Bourses Africaines".

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Twenty-First-Century Land Grabs: Accumulation by Agricultural Dispossession

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