Compare and contrast the economies of coastal countries in Africa. Choose two to three countries, and write a short paragraph that explains the influence of government on the structure of economies. How are free market and non-free market economies represented in Africa?
Answers
Answer:
Africa is endowed with human and material resources yet, it faces
serious economic challenges and that has hindered in no small way the
spate of the continent’s development. The continent is regarded as third
world because of its inability to compete in terms of development with
the so-called Western world. When we think of Africa, we typically
conjure the images of poverty, starvation, civil war, and most recently
disease [1]. Since the 1960s, a large number of African countries
went through devastating civil wars; while some including Angola,
Mozambique and Nigeria, seem to be on the mend, the democratic
republic of Congo and Sudan remain perilously unstable [2]. Some
African countries end up with dictator leadership which really affects
the growth and development of African states. Poverty, over population,
unemployment, technological backwardness, lack of infrastructural
facilities, low GDP, low income earning, low life expectancy, dependent
economy are other vises distorting the African continent. Political
crisis and leadership problem are worth mentioning in African case.
Kwame Nkrumah the first president of Ghana asserted that Africa
only got political independence but not economic independence. The
economy of post-colonial African society is dependent on the foreign
aid for survival. The economic problem of Africa could be attributed to
globalization. For instance, many believe it is a curse to Africa, while
to some it is a blessing to Africa. The negative trend of globalization
has further deepened the gap between Africa and developed world.
With its emergence Africa became impoverished. The activities of the
international financial institutions of the world have also compounded
to the problem. The structural adjustment policy introduced by the
world bank to remedy Africa economic problems end up extorting
Africa resource for the benefit of the western states.
Explanation:
Answer:
hope it helps
Explanation:
The economy of Africa consists of the trade, industry, agriculture, and human resources of the continent. As of 2019, approximately 1.3 billion people[1] were living in 54 countries in Africa. Africa is a resource-rich continent.[3][4] Recent growth has been due to growth in sales in commodities, services, and manufacturing.[5] West Africa, East Africa, Central Africa and Southern Africa in particular, are expected to reach a combined GDP of $29 trillion by 2050.[6]
In March 2013, Africa was identified as the world's poorest inhabited continent: Africa's entire combined GDP is barely a third of the United States' GDP; however, the World Bank expects that most African countries will reach "middle income" status (defined as at least US$1,000 per person a year) by 2025 if current growth rates continue.[7] In 2013, Africa was the world's fastest-growing continent at 5.6% a year, and GDP is expected to rise by an average of over 6% a year between 2013 and 2023.[3][8] In 2017, the African Development Bank reported Africa to be the world's second-fastest growing economy, and estimates that average growth will rebound to 3.4% in 2017, while growth is expected to increase by 4.3% in 2018.[9]
Growth has been present throughout the continent, with over one-third of African countries posting 6% or higher growth rates, and another 40% growing between 4% to 6% per year.[3] Several international business observers have also named Africa as the future economic growth engine of the world.[10]