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Africa's economy—with expanding trade, English language skills (official in many Sub-Saharan countries), improving literacy and education, availability of splendid resources and cheaper labour force—is expected to continue to perform better into the future. Trade between Africa and China stood at US$166 billion in 2011. [67]
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]
International trade is, in principle, not different from domestic trade as the motivation and the behavior of parties involved in a trade do not change fundamentally regardless of whether trade is across a border or not. However, in practical terms, carrying out trade at an international level is typically a more complex process than domestic ...
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.
(See List of countries by GDP (PPP).) 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 GDP per capita. On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures.
Swahili cities were important trading ports for trade with the Middle East and Far East. [4] In the interior of Africa, trade was far more limited. Low population densities made profitable commerce difficult. The massive barrier of the Congo rainforests were more imposing than the Sahara, blocking trade through the center of the continent.
The impact of global warming is costing African nations up to 5% of their economic output, the United Nations climate chief said on Thursday, calling for more investments to help adapt to climate ...
Africa is also a large market for: Americans, Chinese Economy, and Europeans plus it’s Industries. [ citation needed ] The AU future confederation's goals include the creation of a free trade area , a customs union , a single market , a central bank , and a common currency , thereby establishing economic and monetary union .