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Concept
Economy of Africa
Summary
The economy of Africa consists of the trade, industry, agriculture, and human resources of the continent. , approximately 1.3 billion people were living in 54 countries in Africa. Africa is a resource-rich continent. Recent growth has been due to growth in sales, commodities, services, and manufacturing. West Africa, East Africa, Central Africa and Southern Africa in particular, are expected to reach a combined GDP of 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, European colonization and the later Cold War created political, economic and social instability.
However, , 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. 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 is expected to increase by 4.3% in 2018. 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. Several international business observers have also named Africa as the future economic growth engine of the world.
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.
Official source
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