Economy of Africa
The continent of Africa has a diversified developing economy across the second-largest continental land-mass in the world. It is the world's 5th-largest continental economy with 54 national economies and a large informal economy. With a population of 1.47 billion, the African economy generates $2.83 trillion in nominal gross domestic product (GDP) and over $10 trillion in purchasing power parity (PPP) GDP. It is home to many of the world's fastest-growing economies due to its abundant emerging markets. They are economically integrated within their supranational organization, the African Union (AU). It is the least wealthy inhabited continent per capita and second-least wealthy by total wealth, ahead of Oceania. Scholars have attributed this to different factors including geography, climate, corruption, as well as colonialism and neocolonialism. Amid this low concentration of wealth, economic expansion and a large youthful population make Africa a large consumer market. Africa has a large...
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