Africa is an immense continent with a population of about 7 billion people. Africa is the second largest continent in the world; it has a land mass of about 5,240,000 square kilometers and is bordered by water on three sides. It is home to some of the world’s most diverse ecosystems and natural resources. Africa is also a hub for trade and business with over 200 million businesspeople operating in the region. African leaders and companies are meeting in Addis Ababa, Ethiopia, to talk about the economy and how to grow it. They are also meeting with companies from around the world to explore business opportunities and make agreements. The sessions will also provide an insight into the challenges and opportunities that the continent faces.
An overview of Africa’s economy
The continent’s economy grew at an average rate of 5.9% between 2000 and 2014. Growth was highest in South Africa (9.9%) and lowest in Nigeria (0.1%). Given the growth rate, Africa has the potential to become the most powerful economy in the world in the coming decades.
The continent’s primary export is natural resources. Oil, natural gas, minerals, metals and other commodities make up the majority of Africa’s exports. These tend to be raw materials that are inexpensive to produce, such as crude oil.
African countries have also become important trading partners of the European Union, United States, China, Japan and Southeast Asian countries, as well as other major economies in the world.
Africa’s vibrant export sector
The export sector of the African economy grew at an average rate of 9% between 2000 and 2014. Growth was highest in South Africa (17.5%) and lowest in Zambia (0.2%). The main sectors of the export sector are mining, oil and gas, and agriculture.
African countries are also significant importers of goods. The main items that Africa is importing are electronic and electronic parts, vehicles, motor vehicles parts and industrial chemicals.
The sector where African countries have seen the largest growth in the export sector is minerals. Africa is also a significant buyer of manufactured goods. The largest percentage increase in manufactured exports was in Brazil (up 10.2%), India (up 9.8%) and South Africa (up 9.2%).
Africa’s manufacturing and service industries
The manufacturing industry grew at an average rate of 5.9% between 2000 and 2014. This was higher than the 4.4% average for all of the African economy and more than the 3.6% average for the region.
The manufacturing sector is important both as an exporter and an importer. Exports make up about two-thirds of the sector’s sales, while imports make up one-third.
African countries also have a large service sector, which grew at an average of 5.5% between 2000 and 2014. The service sector is both an exporter and an importer.
Africa’s challenge – infrastructure
Transport infrastructure in Africa is ancient and generally under developed. The main roads in most countries are unpaved with poor or no guardrails. Rail and water connections are poor or non-existent.
connectivity within the continent is poor or non-existent.
Given these limitations, trade and transport within Africa are generally limited to small areas or limited corridors. This presents a number of challenges in terms of cross-border trade and the movement of people, as well as materials and people within Africa.
How Africa can use its natural resources
Africa has many resources that could provide significant benefits to the entire world. These include oil, gas, minerals, coal, iron, chromium, manganese and more.
However, much of this wealth is untapped. The main obstacles to tapping these resources are regulatory issues, lack of interest from the government and lack of infrastructure.
A number of African countries have implemented policies that would spur investment and development in the natural resource sectors. These include Western Sahara (Morocco), Northern Cape (South Africa), Chad, Togo, Eritrea, Ethiopia, Djibouti, Somalia and Uganda.
The size of the continent and its workforce
The number of people living in Africa has grown from about 1.3 billion in 2000 to about 2.2 billion in 2014. This represents an increase of about 50 million people, or about 40% of the continent’s population.
Africa’s population is concentrated in the south, with South Africa andanzelandthe two largest countries. The north is largely a desert or a mountain range.
This means that the continent has a workforce that is almost exclusively young, and therefore, not very experienced. A significant portion of the continent’s workforce is under the age of 25.
The African Union, which was established in 2001, has a membership of 54 member countries. As of today, 24 of these member countries are in Africa. The union is focused on increasing its membership to 25, as this is the number of African countries that the union is expecting to go to membership in the near future.
The African Union is committed to increasing the number of African countries that are members of its organization.
This is a significant development considering that the original goal of the union was to increase representation in the African continent.
However, the growth of the African Union will likely come on the back of strong GDP growth rates and an increase in the amount of development that the union can bring to the continent.
The growth of the African Union will likely come on the back of strong GDP growth rates and an increase in the amount of development that the union can bring to the continent.