The continent, the second largest after Eurasia, for many years remained colonially dependent on European states. This factor hindered economic development, led to a significant depletion of natural resources. In the second half of the twentieth century, African countries freed themselves from colonial oppression, but the African continent remains the most backward socio-economic region of the planet. Let's move away from the historical aspect, and present the richest African countries in terms of GDP.
Rich countries in Africa:
12
Congo
Our Democratic Republic of the Congo opens our list of the richest African countries in terms of GDP. The main currency is the Congolese franc. The State Bank is trying to maintain the national currency at a high level.
Congo is a leader in mineral reserves, but political problems and inflation do not allow the development of leading sectors of the economy. Great support is provided by the World Bank, which has developed the Congo system support program.
Congo is among the world leaders in the production of cobalt, diamonds and copper production. In recent years, global investors began to invest in the development of the mining industry of the Congo.
11
Ghana
The government adopted a program according to which Ghana should become a developed industrial state by 2029. Now there is a mixed economy with an actively developing financial sector.
According to experts, Ghana has average mineral reserves, which is why the government focuses on the development of manufacturing and the development of transport infrastructure. The main task is to overcome structural problems in the economy and combat poverty.
Ghana became the first self-governing state on the African continent in 1957. And now the African state is the leader in gold mining, and in the production and export of cocoa is the second largest in the world.
10
Tanzania
In terms of GDP, Tanzania in the East African region is second only to Ethiopia. Above the magnificent expanses rises the majestic Mount Kilimanjaro.
In recent years, Tanzania has been actively developing trade relations with South Africa, India, Switzerland and China. Foreign investment goes into the development of new technologies in industry and mining. The closed economy made it relatively easy to survive the 2008 crisis.
The economy is actively developing thanks to tourism, gold and oil production. But part of the population lives in poverty and starving. In terms of food security, Tanzania is the worst among the countries of the world according to UNESCO.
By the way, on our site thebiggest.ru there is a fascinating article about the Top 10 safest African countries for life and work.
9
Sudan
A prolonged civil confrontation led to the imposition of sanctions against Sudan, which significantly impeded economic development in all sectors.
Overcoming internal contradictions has led to a warming of relations with international financial organizations. Sudan's economy is supported by revenues from oil production and exports, as well as foreign investment. You can develop tourism, because the number of pyramids Sudan is a world leader.
A big problem for the development of the economy is corruption. For this reason, foreign investors are wary of investing their capital here. The main partner in recent decades has become China.
8
Kenya
One of the poorest countries in the world in terms of GDP in Africa ranks eighth on our list on thebiggest.ru. There is a low level of income, and doing business is very difficult. The main part of the income is the tourism sector.
The government connects its hopes with the development of telecommunications, as well as the development of the country's natural wealth. Almost 75% of the population is engaged in crop production. Now, investments from China are actively flowing into the Kenyan economy.
More than half of the population lives below the poverty line, and the level of education is one of the lowest in the world. Kenya is rightfully proud of its athletes, because here are the fastest runners.
7
Ethiopia
The World Bank notes the high potential of the Ethiopian economy, but inflation and the inconvenience of the financial system slow down growth. The country's economy is facing acute structural problems.
At the beginning of the XXI century, Ethiopia recorded the highest economic growth compared to other African countries. But the ill-conceived policy of the authorities led to a decrease in growth rates. With vast water resources at its disposal, Ethiopia is a leader in the export of electricity to neighboring states.
At one time, Ethiopia laid the foundation of energy with the direct support of the USSR. Despite the development of industry, the country remains agricultural. Agriculture employs 84% of the country's population.
6
Morocco
Photo Credit: Adam Jones, Ph.D. / CC BY-SA
Tourism for a country with a population of 37 million is a major part of income. The authorities adopted state programs aimed at developing this sector of the economy.
Morocco is among the leaders of African countries in terms of living standards, but the country still has a sharp social stratification. In recent years, the government has pursued a large-scale privatization policy.
In second place in terms of income is agriculture. The reduction of the public sector of the economy contributes to the influx of foreign investment and the development of the banking system.
5
Angola
Photo by Fabio Vanin / CC BY-SA
After gaining independence in 1975, the country was plunged into the whirlwind of the Civil War for 27 years. This factor impeded the development of the economy and the growth of incomes of the young state.
In 2002, reconciliation was achieved and the country began to develop the economy, fight poverty, and develop foreign economic relations with African states and Europe. The World Bank appreciates the high potential of Angola. The largest consumers of exports are China and the United States.
The country is rich in oil deposits; new diamond deposits are being developed here. Economic growth averages 2.3% annually. The service sector is actively developing, accounting for almost 29% of GDP.
4
Algeria
The largest country in Africa after gaining independence began to actively develop various sectors of the economy. French companies have actively invested in the mining and processing industries of their former colony.
But in recent decades, Algerian authorities began to limit the infusion of foreign capital into their own economy, trying to develop the domestic financial market. The nationalization of enterprises was partially suspended, which indicates a reorientation to the development of market relations.
The country is actively developing agriculture, as well as the financial sector of the economy.
3
Egypt
On the territory of Egypt, an ancient civilization was born, and in modern realities in the country, a planned centralized economy is developing.
The main sources of budget revenues and GDP growth are the extraction and sale of natural resources, agriculture and tourism. Agriculture slowed down due to a reduction in arable land and strong dependence on the Nile.
Significant coal deposits in the north, oil and natural gas reserves provide the country with relative stability in the energy market. More than 14 million tourists visit Egypt annually, which is the main part of the income of the African state.
2
South Africa
The Republic of South Africa in the second half of the 20th century was the leader of the African continent in terms of economic development. But now, economic growth has slowed significantly.
But the huge economic potential, diamond deposits allow South Africa to remain the second country in terms of per capita GDP. However, in the country there is a sharp social stratification of society. South Africa is among the top ten world states in terms of income inequality.
The state is investing in the development of new technologies, in the improvement of the mining industry and medicine. In various sectors of the economy, foreign and joint ventures operate.
1
Nigeria
The richest African country has huge natural resources, a developed transport system and a developing financial and legal sphere.
The country has the second largest stock exchange. Nigeria receives the main income from the sale and export of energy resources, and the United States is its largest partner. Nigeria is developing ties with others, among them China is actively investing in the economy.
Oil exports have significantly reduced the external debt of the state, as well as deducting large sums to combat poverty. The country has adopted a program to eradicate poverty by 2030.
Summary
Africa, freed from colonial dependence, is considered a developing region. The main tasks are overcoming the poverty of the population and solving the problem of hunger. In recent years, global companies in Europe and North America have begun to invest heavily in African countries. The financial and banking sectors are actively developing, but Africa remains a region of contrasts, where, along with wealth and luxury, poverty, disease and hunger flourish.
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