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Both the African Union and the United Nations 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. [164]
Countries in Africa are sorted according to data from the International Monetary Fund. [1] The figures presented here do not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency. [2]
It is used to distinguish whether the country is a developed, developing, or underdeveloped country, and also to measure the impact of economic policies on quality of life. Countries fall into four broad categories based on their HDI: very high, high, medium, and low human development.
The World Bank aims at giving a broad picture of development across Africa, including 53 countries in five different country-groups. [2] While most of the data is provided by the World Bank, a lot of it comes from different sources which is then put together under the World Bank Africa Development Indicators.
Nairobi is the economic powerhouse of East Africa, serving as the region's primary financial center and hosting major corporations and banks. Its robust infrastructure and growing technology sector significantly contribute to economic activities and innovations across the region.
Development economics is a branch of economics that deals with economic aspects of the development process in low- and middle- income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether ...
In the years following the end of the Cold War, many African countries have seen steady economic growth, but fueled primarily by non-African exploitation of the continent’s natural resources with raw material exported as unimproved goods. This resource driven growth does not have the concomitant impact on job creation and other social issues ...
Economic growth in the early 2020s According to 2024 estimates by the African Development Bank Group, African countries are projected to account for more than half of the world fastest growing economies; in particular, Niger, Senegal, Libya and Rwanda are expected to grow at the fastest rate of over 7% per year. Estimates of Real Gross Domestic Product (GDP) growth rate in 2023 show that most ...