Economy of Africa

Economy of Africa
Lagos is the largest city in Africa.
Statistics
Population1.39 billion[1][2]
GDP
GDP rank
GDP growth
3.7% (2023 est.)[5]
GDP per capita
  • $1,740 (nominal; 2023 est)[6]
  • $5,360 (PPP; 2023 est)[7]
GDP per capita rank
15.5% (2023 est.)[8]
352,000 (2022)[9]
Public finances
62.4% of GDP (2023 est.)[10]
Most numbers are from the International Monetary Fund. IMF Africa Datasets
All values, unless otherwise stated, are in US dollars.
World economy

The economy of Africa consists of the trade, industry, agriculture, and human resources of the continent. As of 2019, approximately 1.3 billion people[11] were living in 53 countries in Africa. Africa is a resource-rich continent.[12][13] Recent growth has been due to growth in sales, commodities, services, and manufacturing.[14] West Africa, East Africa, Central Africa and Southern Africa in particular, are expected to reach a combined GDP of $29 trillion by 2050.[15]

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$1,025 per person a year) by 2025 if current growth rates continue.[16] 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, European colonization and the later Cold War created political, economic and social instability.[17]

However, as of 2013, Africa was the world's fastest-growing continent at 5.6% a year, and GDP is expected to rise by an average of over 6% a year between 2013 and 2023.[12][18] In 2017, the African Development Bank 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.[19] Growth has been present throughout the continent, with over one-third of African countries posting 6% or higher growth rates, and another 40% growing between 4% and 6% per year.[12] Several international business observers have also named Africa as the future economic growth engine of the world.[20]

  1. ^ "World Population Prospects 2022". United Nations Department of Economic and Social Affairs, Population Division. Retrieved 17 July 2022.
  2. ^ "World Population Prospects 2022: Demographic indicators by region, subregion and country, annually for 1950-2100" (XSLX) ("Total Population, as of 1 July (thousands)"). United Nations Department of Economic and Social Affairs, Population Division. Retrieved 17 July 2022.
  3. ^ "GDP (Nominal), current prices". International Monetary Fund. Retrieved 5 November 2022.
  4. ^ "GDP (PPP), current prices". International Monetary Fund. Retrieved 5 November 2022.
  5. ^ International Monetary Fund (2022). "Real GDP growth". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
  6. ^ International Monetary Fund (2022). "Nominal GDP per capita". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
  7. ^ International Monetary Fund (2022). "GDP PPP per capita". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
  8. ^ International Monetary Fund (2022). "Inflation rate, average consumer prices". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
  9. ^ Shorrocks, Anthony; Davies, James; Lluberas, Rodrigo (2022). Global Wealth Databook 2022 (PDF). Credit Suisse Research Institute.
  10. ^ International Monetary Fund (2022). "General government gross debt". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
  11. ^ "2017 World population" (PDF). 2017 World Population Data Sheet – Population Reference Bureau.
  12. ^ a b c "Overview".
  13. ^ Veselinovic, Milena. "Why is Africa so unequal?". CNN. Retrieved 12 September 2017.
  14. ^ "Africa rising". The Economist. 3 December 2011.
  15. ^ "Get ready for an Africa boom". Archived from the original on 12 September 2017. Retrieved 12 September 2017.
  16. ^ "Despite Global Slowdown, African Economies Growing Strongly― New Oil, Gas, and Mineral Wealth an Opportunity for Inclusive Development". World Bank. Retrieved 12 September 2017.
  17. ^ Anyangwe, Eliza (28 June 2017). "Why is Africa so poor? You asked Google – here's the answer". The Guardian. ISSN 0261-3077. Retrieved 9 March 2021.
  18. ^ Oliver August (2 March 2013). "Africa rising A hopeful continent". The Economist. The Economist Newspaper Limited. Retrieved 15 December 2013.
  19. ^ https://www.imf.org/external/datamapper/NGDPD@WEO/AFQ/DZA/ZAF/MAR/NGA/EGY?year=2018. {{cite web}}: Missing or empty |title= (help)
  20. ^ "Rise of the African opportunity". Boston Analytics. 22 June 2016.