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After an initial rebound from the 2009 world economic crisis, Africa's economy was undermined in the year 2011 by the Arab uprisings. The continent's growth fell back from 5% in 2010 to 3.4% in 2011. With the recovery of North African economies and sustained improvement in other regions, growth across the continent is expected to accelerate to ...
During this colonial time, the economy of Africa was re-arranged to serve Europe and Europeans, and the European industrial chain began in Africa and ended in European industrial warehouses. All of Africa would ultimately fall under European colonial rule by 1914, with the exceptions of Ethiopia and Liberia. [ 26 ]
Regional divides in Africa, as defined by the United Nations (subject to dispute) North Africa and sub-Saharan Africa are two distinct yet interconnected regions that share a multitude of cultural, religious, economic, migrational, political, and other societal components that affect the cross-regional relationship between both respective continental zones.
It was drafted in Lagos, Nigeria in April 1980, during a conference which included a variety of African leaders. [2] The plan blamed Africa's economic crisis on the Structural Adjustment Programs of the World Bank and International Monetary Fund and the vulnerability of African economies to worldwide economic shocks, such as the 1973 oil crisis. [3]
Daphne Greenwood and Richard Holt distinguish economic development from economic growth on the basis that economic development is a "broadly based and sustainable increase in the overall standard of living for individuals within a community", and measures of growth such as per capita income do not necessarily correlate with improvements in ...
At the beginning of the 19th century, Asia and Africa were considered periphery and their lack of development enabled the United States and Germany to remain successful core nations. [ 8 ] Although periphery nations are exploited by core countries, there is a purpose to the unequal exchanges of goods.
In Africa, states that have emphasized import-substitution development, such as Zimbabwe, have typically been among the worst performers, while the continent's most successful non-oil based economies, such as Egypt, South Africa, and Tunisia, have pursued trade-based development. [22] According to economic historian Robert C. Allen, dependency ...
As of 2011, Africa is one of the fastest developing regions in the world. Six of the world's ten fastest-growing economies over the previous decade were situated below the Sahara, with the remaining four in East and Central Asia. According to the World Bank, the economic growth rate in the region had risen to 4.7% in 2013. This continued rise ...