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The United Nations Economic Commission for Africa (UNECA or ECA; French: Commission économique pour l'Afrique, [1] CEA) was established in 1958 by the United Nations Economic and Social Council to encourage economic cooperation among its member states (the nations of the African continent) [2] following a recommendation of the United Nations General Assembly. [3]
PPP largely removes the exchange rate problem, but has its own drawbacks; it does not reflect the value of economic output in international trade, and it also requires more estimation than nominal GDP. [4] On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures. [5]
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]
There are many examples of structural adjustments failing. In Africa, instead of making economies grow fast, structural adjustment actually had a contractive impact in most countries. Economic growth in African countries in the 1980s and 1990s fell below the rates of previous decades. Agriculture suffered as state support was radically withdrawn.
Kibera is the largest slum in Nairobi, Kenya.. Poverty in Africa is the lack of provision to satisfy the basic human needs of certain people in Africa.African nations typically fall toward the bottom of any list measuring small size economic activity, such as income per capita or GDP per capita, despite a wealth of natural resources.
The Economy of East Africa is characterized by diverse sectors, with agriculture playing a pivotal role, employing the majority of the population and contributing significantly to GDP. Key crops include coffee, tea, and horticultural products. East Africa is the fastest growing region in Africa. [4]
African Economic Outlook was an annual reference book-journal which focused on the economics of most African countries. It reviewed the recent economic situation and predicted the short-term interrelated economic, social, and political evolution of all African economies.
South Africa's National Treasury criticized the statement by Moody's saying, "It's not possible that we'll end up in recession." He added that the government may revise lower its 4 percent growth forecast for the year following growth of 5.1% in 2007. Car sales in South Africa dropped an annual 22 percent in June due to higher interest rates. [2]