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Since Africa is home to large reserves of the minerals needed for the ongoing energy transition, i.e. the transition to renewable energy technologies, the predicted increase in global demand for these critical minerals could become a driver of sustainable economic development on the continent, not least for the mineral-rich countries of Africa ...
Countries in Africa are sorted according to data from the International Monetary Fund. [1] The figures presented here do not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency. [2]
They try to explain Africa's economic development as subject to European institutional decisions of the past. European colonial governments had no incentive to create institutions fostering economic development in African colonies, but rather economic extraction of given resources.
Economic growth in the early 2020s According to 2024 estimates by the African Development Bank Group, African countries are projected to account for more than half of the world fastest growing economies; in particular, Niger, Senegal, Libya and Rwanda are expected to grow at the fastest rate of over 7% per year. Estimates of Real Gross Domestic Product (GDP) growth rate in 2023 show that most ...
The table below presents the latest Human Development Index (HDI) for countries in Africa as included in the United Nations Development Programme's Human Development Report, released on 13 March 2024 and based on data collected in 2024. [1] As of 2024, all African UN member states are included in the report.
The Department of Economic Development, Trade, Tourism, Industry, Mining (ETTIM) is a department of the African Union responsible for promoting economic development, job creation, and industrialization across the African continent. The department's main objective is to develop policies, strategies, and programmes that promote intra-African ...
This new route allowed European nations to dominate the trade economy of the East African coast, with the Portuguese entrenching themselves in the 16th and 17th centuries. [28] In the 18th century, the Portuguese were replaced in this East African economic corridor by Omani Arabs. [29] Eventually, the British replaced the Omani Arabs.
The New Partnership for Africa's Development (NEPAD) is an economic development program of the African Union (AU). NEPAD was adopted by the AU at the 37th session of the Assembly of Heads of State and Government in July 2001 in Lusaka, Zambia. NEPAD aims to provide an overarching vision and policy framework for accelerating economic co ...