Africa’s economy consists of the trade, industry, agriculture, and human resources. It is a resource-rich continent along with about one billion people living in 54 different countries of Africa, many African people are suffering frompoverty, and I would like to continue this with how it reflects theircultureas a whole. The economy and what’s available to them determines how they live and their way of their culture because their economy being undeveloped makes them poor and they have to accommodate to the poor living conditions.
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For example, I know African moms breastfeed their kids way past the recommended six months in American culture because there is not enoughfood. My name is Tony and I am here to inform you about the economy in Africa, my three main points are:
- The China-Factor
One of three main points is resources, forming the basis of the economies of African countries. Africa is the next biggest continent, which means huge amount of resources. It consist of oil, diamonds, gold, and silver, copper, iron, and so forth.
Also includes cocoa, peanuts, and etc. The mineral industry is an important source of export earnings for many African nations and continues to be a major driver of economic growth. Along with Cacao and peanuts, Africa produces three quarters of the world’s cocoa beans and about one third of its peanuts. According to a 2012 article by bono, the resource curse theory applies to Africa because such affliction of raw material put Africa under heavy pressure and tension, leading to wars and slow development because
Secondly, Infrastructure is the basic physical and organizational structures needed for the operation of a society or enterprise, or the services and facilities necessary for an economy to function, but Africa has not kept up with demand. Power outages in the region are common while poor roads and non-existent railway system in many countries are stifling trade. The need is great like electrical power and clean water, transport networks that can boost regional trade, schooling and primaryhealthcare for all.
For example, according to a 2011 article by the Voice of America, Building roads are needed here to move goods and also to ports for exports. It is crucial to the economic growth as 90% of Africa is third world countries due to thefailureof their infrastructure. Lastly the China factor, Infrastructure investment has, however, increased in recent years, largely because of debt relief that put moremoneyin government’s pockets and assistance from the Chinese. Since the early 2000’s, China role in Africa increased significantly, both in terms of trade and investment.
According to a 2006 article by the policy innovations, African elites argue that the Chinese generally treat them as equals. They point out that the Chinese are investing in areas like infrastructure, the key to Africa’s future, a sector that tends to be avoided by Western aid and investment. Africans appreciate this and also note the Chinese are careful where they invest. China is Africa’s biggest trading partner and as a major financer of infrastructure projects in Africa, China lends $20 billion to African governments for infrastructure and agriculture for the next three years.
In conclusion, Africa is the world’s poorest inhabited continent. However, parts of the continent have made significant gains over the last few years. In recent years, African countries consist of the fastest growing economies in the world and continue to make progress since the ending of a 27-yearcivil warin 2002. The future for Africa looks bright, but there’s still a lot of work to be done. So moving aside from the economy, Anthony will be speaking of politics.