Which countries have the largest economies in Africa?

Answer 1

1. South Africa

GDP: $ 467.6 billion Global Rank: 27

South Africa is a middle-income, emerging market with an abundant supply of Natural Resources; well-developed financial, legal, communications, energy, and transport sectors; a stock exchange that is 17th largest in the world; and modern infrastructure supporting an efficient distribution of goods to major urban centers throughout the region.

2. Egypt

GDP: $ 431.9 billion Global Rank: 29

Egypt is bisected by the highly fertile Nile valley, where most of its economic activity takes place. Since 2005, when the government reduced personal and corporate tax rates, reduced energy subsidies, and privatized several enterprises, the Stock Market boomed, and GDP grew about 5% per year in 2005-06, and topped 7% in 2007. The economy also experienced an increase in foreign direct investments. However, the subsidies have contributed to a sizeable budget deficit - roughly 7.5% of GDP in 2007 - and represent a significant drain on the economy.

3. Nigeria

GDP: $ 294.8 billion Global Rank: 40

Oil-rich Nigeria is virtually a mono-economy as demonstrated by its overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 80% of budgetary revenues. The largely subsistence agricultural sector has failed to keep up with rapid population growth and the country, once a large net exporter of food, now must import food. GDP rose strongly in 2007, based largely on increased oil exports and high global crude prices.

4. Algeria

GDP: $ 268.9 billion Global Rank: 42

The hydrocarbons sector is the backbone of the Algerian economy, accounting for roughly 60% of budget revenues, 30% of GDP, and over 95% of export earnings. Sustained high oil prices in recent years have helped improve Algeria's financial and macroeconomic indicators. Real GDP has risen due to higher oil output and increased government spending. The government's continued efforts to diversify the economy by attracting foreign and domestic investment outside the energy sector, however, has had little success in reducing high unemployment and improving living standards. Structural reform within the economy, such as development of the banking sector and the construction of infrastructure, moves ahead slowly hampered by corruption and bureaucratic resistance

Answer 2

Well it depends if you mean economically developed in a quantitative way or in a qualitative way. At the moment, Equatorial Guinea has the highest GDP per Capita. However, they are ranked much lower in the Human Development Index. There life expectancy is only 51.2 years old and there expected and mean years of schooling is 7.7 years. This also shows that the income is unequally distributed. Seychelles is ranked very high in the HDI and shows that it has the most development. The life expectancy is 73.6 and there expected years of schooling is 13.3 years.

Answer 3

• there are no 100% market economy

Answer 4

As of 2014 April 6, Nigeria became the indisputable continental Giant of the African Economy making Nigeria Economy the largest in Africa surpassing South Africa.

Answer 5

Ethiopia