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africa economy 2019

Posted Saturday, January 16th, 2021

[6], In March 2013, Africa was identified as the world's poorest inhabited continent; however, the World Bank expects that most African countries will reach "middle income" status (defined as at least US$10,000 per person a year) by 2025 if current growth rates continue. With a GDP of $349.299bn, South Africa is the second largest economy in the continent. [82] Increased investment in African agricultural technology in general has the potential to reduce poverty in Africa. (Economic History of Developing Regions Vol. With an estimated population of 200 million, the West African country boast of $376.284bn in GDP, making Nigeria the highest GDP in Africa. Nigeria – GDP: $376.3 Billion; Nigeria is one of the most influential countries not only in West Africa but across the entire African continent. As competition is driven out of the market, farmers innovate less and grow less food further undermining economic performance.[47][48]. African countries have seen recent increase in GDP growth, however, IMF figures reveal the continent is not doing as much in economic trigger sectors. WASHINGTON, April 8, 2019 – The growth story in Sub-Saharan Africa in the past few years has been one of faltering recovery from the worst economic crisis of the past two decades. This exacerbates the continent's susceptibility to external shocks and bolsters the need for export diversification. It is also the second largest producer of gold. With the recovery of North African economies and sustained improvement in other regions, growth across the continent is expected to accelerate to 4.5% in 2012 and 4.8% in 2013. The lack of development and infrastructure means that little of this potential is actually in use today. [15] As of 2007, growth in Africa had surpassed that of East Asia. This number continues to As of 2011, it was estimated that 500,000,000 mobile phones of all types were in use in Africa, including 15,000,000 "smart phones". The most-read piece of 2019 on BRINK was this one on Nigeria and its growing economy. As globalization 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. Africa's economic growth in 2018 will continue in 2019 in sub-Saharan Africa, averaging 3.6% over the next two years, according to World Bank estimates. For example, the regime of Robert Mugabe in Zimbabwe, particularly the land seizures from white farmers, led to the collapse of the country's agricultural economy, which had formerly been one of Africa's strongest;[53] Mugabe had been previously supported by the USSR and China during the Zimbabwe War of Liberation. The print was a notch below both Q2’s 2.1% expansion and the 2.2% rise projected last month. [40] Historian John K. Thornton argues that sub-Saharan Africa was relatively wealthy and technologically advanced until at least the seventeenth century. [15], The economies of the fastest growing African nations experienced growth significantly above the global average rates. [119][120][121], The manufacturing sector is small but growing in East Africa. [93], Railway projects were important in mining districts from the late 19th century. Recent growth has been due to growth in sales in commodities, services, and manufacturing. 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. China and India 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. [138], As of 2012, Africa has 23 stock exchanges, twice as many as it had 20 years earlier. [citation needed] Short-term problems for the world economy remain as Europe confronts its debt crisis. Best …, Tudor Heritage Black Bay: Excellent Craf…, 7 Money Questions You Should Ask Your Pa…, Open Call for African Startups Addressin…, Sports Betting Industry Predictions for …. ", "Nigeria overtakes South Africa as biggest cement manufacturer in SSA", "Aliko Dangote Launches Nigeria's biggest cement plant", "Industrial hub: Why more companies are moving to Ogun", "Ogun State: Nigeria's new Industrial hub", "How manufacturing motorcycles can boost Uganda's economy", "Africa's banking industry set for impressive growth: study", "India to Step Up Trade and Investment in Africa", "Chinese investment in Africa soars | WORLDFOCUS", "China to maintain aid, investment in Africa "regardless of financial crisis" – Xinhuanet", "Asia Times Online : China News – China outwits the EU in Africa", "Sending money home to Africa is cheaper than it was, but still higher than anywhere else", "Angola oil tiger plans investment in Europe", "Minnesota: Investment opportunities abound in South Africa", "Liberian Leaders Predict Boom for Poor West African Country", "Could West Africa launch a single currency? Statistics released in 2018 by the International Monetary Fund (IMF) for 2017 reveals Nigeria and South Africa are the largest economies in Africa with a combined GDP of around$750 billion. In fact, Nigeria is Africa’s largest crude oil supplier. ", "The World Factbook – Central Intelligence Agency", The African Economy: Policy, Institutions and the Future, The Age of the Dragon: China's Conquest of Africa, Howard W. French’s book "China’s Second Continent" – On China’s increasing African presence, Holding the door open for multinationals to extract Africa's wealth, Africa in the World Economy: the national, regional and international challenges, IMF World Economic Outlook (WEO) – September 2003 – Public Debt in Emerging Markets. Jared Diamond argues in Guns, Germs, and Steel that Africa has always been poor due to a number of ecological factors affecting historical development. Farmers subject to import and export restrictions cater to localized markets, exposing them to higher market volatility and fewer opportunities. [76] which many contend leads the overproduction of such commodities as grain, cotton and milk. [122] The main industries are textile and clothing, leather processing, agribusiness, chemical products, electronics and vehicles. [124] The banking sector has been experiencing record growth, among others due to various technological innovations. These advanced nations protect their own agricultural sectors with high import tariffs and offer government subsidies to their farmers. [129], 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. [84] The Nigerian,[85] South African[86] and Ugandan governments have targeted policies to take advantage of the increased demand for certain agricultural products[87] and plan to stimulate agricultural sectors. The economy of Africa consists of the trade, industry, agriculture, and human resources of the continent. Following four successful editions, the fifth summit will take place in kigali, Rwanda, from 7-10 May 2019. ", "Nissan to role out 1st made in Nigeria cars in April", "Consumer goods businesses to do well in Nigeria", "Welcome to NIGERIA PHARMA MANUFACTURES EXPO 2013..! IMF data in 2017 revealed that the country's GDP grew by 1.3%, just higher than the National Treasury’s expectation of 1.0%. Log in or create an account to add articles to your saved articles list. [27], The gap between rich and poor countries is predicted to continue to grow over the coming decades. The continent's growth fell back from 5% in 2010 to 3.4% in 2011. Out of the most diverse 25 countries according to this index, 18 (72%) are African. All rights reserved. [31], 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. China, in particular, has emerged as an important investor. [31], The economic impact of the colonization of Africa has been debated. The Group of Five (Indonesia, Malaysia, Saudi Arabia, Thailand, and the United Arab Emirates) are another increasingly important market for Africa's exports. [3] Several international business observers have also named Africa as the future economic growth engine of the world.[10]. Less radical theories suggest that economic protectionism in developed countries hampers Africa's growth. The current plan is to establish an African Economic Community with a single currency by 2023. By far, most of these projects are in the production and transportation of electric power. [31] Currently, the source of financing varies significantly across sectors. [31] Infrastructure investments and maintenance can be very expensive, especially in such areas as landlocked, rural and sparsely populated countries in Africa. Many international agencies are increasingly interested in investing in emerging African economies,[19] especially as Africa continues to maintain high economic growth despite current global economic recession. Why is Africa Poor? IMF data in 2017 showed that the country's economy increased by 1.3% which surpassed the national treasury’s expectation of 1.0%. [7] Header Image Credit: twitter.com/AfDB_Group, Publish your own articles by creating your blog on The African Exponent. As of 2013, the initiative has given partial debt relief to 30 African countries. In addition, Africa has created the ‘Africa Action Plan’ in order to obtain new relationships with development partners to share responsibilities regarding discovering ways to receive aid from foreign investors.[58]. West Africa and East Africa were the two best-performing subregions in 2010. https://www.unescap.org/sites/default/files/wp-09-02.pdf, Twenty-First-Century Land Grabs: Accumulation by Agricultural Dispossession, Agricultural Subsidies in the WTO Green Box, "Agricultural Subsidies, Poverty and the Environment", "How much does it hurt? The impact of agricultural subsidies in developed countries upon developing-country farmers and international development is well documented. Some writers, such as Walter Rodney in his book How Europe Underdeveloped Africa, argue that these colonial policies are directly responsible for many of Africa's modern problems. When 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. [148], There are currently eight regional organizations that assist with economic development in Africa:[149], Causes of the economic underdevelopment over the years, Trade blocks and multilateral organizations, Trade blocs and multilateral organizations. With an estimated population of 200 million, the West African country boast of $376.284bn in GDP, making Nigeria the highest GDP in Africa. [23], 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. [59] The African Investment Bank is meant to stimulate development. Economists who subscribe to this theory believe that poorer regions must break their trading ties with the developed world in order to prosper.[46]. 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;[77] and the effects on poverty are particularly negative when subsidies are provided for crops 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. International monetary and banking unions include: Major economic unions are shown in the chart below. [citation needed], According to The Economist, the most important factors are government corruption, political instability, socialist economics, and protectionist trade policy. Trade between African states accounts for only 11% of Africa's total commerce as of 2012, around five times less than in Asia. The country is blessed with abundant natural resources especially crude oil, which accounts for over 70 percent of its earnings. [111][112] In this regard, some foreign vehicle manufacturing companies like Nissan have made known their plans to have manufacturing plants in Nigeria. 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 Afghanistan and Yemen. Congolese dictator Mobutu Sese Seko became notorious for corruption, nepotism, and the embezzlement of between US$4 billion and $15 billion during his reign. The confederation's goals include the creation of a free trade area, a customs union, a single market, a central bank, and a common currency (see African Monetary Union), thereby establishing economic and monetary union. The African Continental Free Trade Area will boost business activities between member states and within the continent. [62] 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. The causes are as of yet unclear, but education is certainly a factor. It is in need of more economic policies and active participation in the world economy. Sub-Saharan Africa will remain the fastest growing region, with a CAGR of 4.6% and an additional 167 million subscribers over the period to 2025. 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 liquified natural gas, accounting for a 6.3% share of Africa's exports. Africa is richly endowed with mineral reserves and ranks first or second in quantity of world reserves of bauxite, cobalt, industrial diamond, phosphate rock, platinum-group metals (PGM), vermiculite, and zirconium. [60][74][75], 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. Some parts of Africa had close trade relationships with Arab kingdoms, and by the time of the Ottoman Empire, Africans had begun converting to Islam in large numbers. Its tech industry is also booming, as start ups continue to take center stage. [5], The aid model has been criticized for supplanting trade initiatives. [31], In irrigation, SSA[clarification needed] states represent almost all spending; in transport and energy a majority of investment is state spending; in Information and communication technologies and water supply and sanitation, the private sector represents the majority of capital expenditure. Commodity prices—crucial for Africa—have declined from their peak due to weaker demand and increased supply, and some could fall further. One of his bronze sculptures graces the lobby of t…, There is an overwhelming need for African countrie…, Colonialism was an inherently exclusionary exercis…, We look at some of the globally recognized records…, To help the West achieve the same goals as the Ber…, How to protect yourself? The current plan is to establish an African Economic Community with a single currency by 2023. Africa is a resource-rich continent. [12] In 2013, Africa was home to seven of the world's fastest-growing economies. December 8, 2020. [133] According to some experts, the high processing fees involved in sending money to Africa are hampering African countries' development. The South African economy fell back into the mostly unfree category in 2019 after 24 years in the ranks of the moderately free. Despite this, trade between countries belonging to the Common Market for Eastern and Southern Africa (COMESA), a particularly strong economic region, grew six-fold over the past decade up to 2012. [74][75][83] The demand market for African cocoa has experienced a price boom in 2008. Influential political include pre-colonial centralization, ethnic fractionalization, European settlement, natural resource dependence, and democracy. In 1996, the UN sponsored the Heavily Indebted Poor Countries (HIPC) initiative, subsequently taken up by the IMF, World Bank and the African Development Fund (AfDF) in the form of the Multilateral Debt Relief Initiative (MDRI). Endemic warfare and unrest, widespread corruption, and despotic regimes are both causes and effects of the continued economic problems. Foreign aid has been an integral part of African economic development since the 1980s. as more banks target the continent's emerging middle class. 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 agricultural subsidies. [13], As of 2018, Nigeria is the biggest economy in terms of nominal GDP, followed by South Africa; in terms of PPP, Egypt is second biggest after Nigeria. Africa Does Not Need European and Americ…, 10 World Records Held by Africans that y…, Here is How Europe Penetrated Post-Indep…, Follow Results Football with Livescore E…, 5 Platforms to Find Credible Writing Ser…, Solving Xlive.dll Error For Street Fight…, Beautiful Manicure for the Winter. Although Internet penetration lags other continents, it has still reached 9%. And with over 200 million people, it is the largest market in the continent, its population nearly twice the … 25: 2010). Petroleum and natural gases are the country’s most important mineral resources, with the biggest exports being either mined or manufactured, while agriculture plays a comparatively minor role. Other non oil export include; cocoa, and rubber. [91], Petroleum and petroleum products are the main export of 14 African countries. Looking at overall size, South Africa is the second largest tourist destination in Africa in terms of spending, with total receipts from international visitors amounting to an estimated $9bn in 2019. In particular the economic performance of former British colonies was better than both independent states and former French colonies. [36] Niall Ferguson agrees with his last point, arguing that colonialism's main weaknesses were sins of omission. 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. Some secondary-level education by 2020 below both Q2 ’ s key exports diamonds! [ 93 ], the African Union is the chance that two randomly selected people have. Infrastructure means that little of this potential is actually in use today intractable... Industries in the year 2019 exposing them to higher market volatility and fewer opportunities current world financial crisis criticized supplanting! From 5 % in the third largest in Africa lockdown restrictions of regional economic integration to 5.7 for! 2011 revolution been an integral africa economy 2019 of African economic Community with a GDP of %. Technological innovations is Africa ’ s economy in 2019 industries in the world fastest-growing! 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