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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]
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.
The 4th edition, initiated in 1992 and again in 1994–1995, has three volumes: World Problems (vol. 1), Human Potential – Transformation and Values (vol.2), Actions – Strategies – Solutions (vol. 3). A CD-ROM version, Encyclopedia Plus, is also published. The online edition was initiated in 1997 and completed in 2000. [21] [22]
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.
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]
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]
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 Agriculture suffered as state support was radically withdrawn.
The 16th World Economic Forum on Africa: Going for Growth was a World Economic Forum economic summit meeting held in Cape Town, South Africa, from May 31 to June 2, 2006.The summit was attended by some 650 political and business leaders from 39 countries, focusing particularly on rapidly increasing African commodity prices.