Economy of Africa

7:14 am in Guide by admin

As known by most, the Africa continent, with its 54 main countries are actually naturally rich with resources but is still the poorest in the world. Due to reasons like adverse weather conditions, corruption, spread of deadly diseases like HIV and Malaria, it remains as the most underdeveloped continent, falling far behind among all other continents in the world. On top of that, many communities here are also known to have some atrocious historical incidents like genocide, civil war and particularly corrupted authorities which have dampened the economical growth of the continent.

In recent years, more and more African countries have begun opening their markets to investments from other countries where bilateral ties between the continent and others have been developing. Development are on the rise and this situation was helped with the recent 2010 World Cup in South Africa which opened up many business and investment opportunities. Oil and gas have been one of the recent industries that have grown by leaps and bounds after it was found off the coast of some countries here like Nigeria. African nations too have had long trading ties with many countries in Europe while they are also working towards building more relations with the Asean nations most notably the recent agreement with China.