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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]
Website. www.ecowas.int. The Economic Community of West African States (ECOWAS; also known as CEDEAO in French and Portuguese) is a regional political and economic union of fifteen countries of West Africa. Collectively, the countries comprise an area of 5,114,162 km 2 (1,974,589 sq mi) and have an estimated population of over 424.34 million.
t. e. Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. [ 1 ] Statisticians conventionally measure such growth as the percent rate of increase in the real and nominal gross domestic product (GDP).
However, as of 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. [ 12 ] [ 18 ] 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 ...
Countries by real GDP growth rate in 2023 (IMF WEO database 2024) This article includes lists of countries and dependent territories sorted by their real gross domestic product growth rate; the rate of growth of the total value of all final goods and services produced within a state in a given year compared with the previous year.
The economy of Uganda has great potential and appears poised for rapid growth and development. [ 17 ] Uganda is endowed with significant natural resources, including ample fertile land, regular rainfall, and mineral deposits. Chronic political instability and erratic economic management since the implementation of self-rule has produced a ...
Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. [2] Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates.
The economy of Liberia is extremely underdeveloped, with only $3.222 billion by gross domestic product as of 2019, largely due to the First (1989–1996) and Second Liberian Civil War (1999–2003). Liberia itself is one of the poorest and least developed countries in the world, according to the United Nations.