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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 fall into four broad categories based on their HDI: very high, high, medium, and low human development. Currently, Seychelles is the only African country that falls into the very high human development category. Somalia has the lowest HDI in both Africa and the world according to the list.
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]
They try to explain Africa's economic development as subject to European institutional decisions of the past. European colonial governments had no incentive to create institutions fostering economic development in African colonies, but rather economic extraction of given resources.
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.
President Xi Jinping pledged $60 billion to African nations at Monday's opening of a China-Africa forum on cooperation. China says its funding helps Africa develop, not stack up debt Skip to main ...
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 ...
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.