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Fast economic growth countries in Africa-1
- Jun 08, 2018 -



Africa is the second largest continent in the world, and it is also the second most populous country. However, due to long-term ethnic conflicts, tropical diseases, and environmental destruction caused by industrialization, Africa has become the most concentrated continent in the developing world. The continent with the lowest level of world economic development has a total trade volume of only one year in all of Africa. One in a minute. However, even so, there are many developed countries in Africa, and some countries are even better than other continents.


South Africa

South Africa is the richest country in Africa with a gross domestic product of $5.957 billion. South Africa's financial, legal, communications, energy, and transportation industries are relatively developed. They have a complete hardware infrastructure and a stock exchange market. Gold and diamond production accounts for the first place in the world. South Africa's free trade system is a founding member of the World Trade Organization (WTO). The EU and the United States are South Africa’s traditional trading partners, and trade with Asia, the Middle East and other regions are also growing.


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Egypt

GDP: 5,514 billion U.S. dollars. Egypt is the country with the largest population in the Middle East and the second largest country in Africa. It has long been in Africa’s leading position in the fields of economy and science and technology. Egypt's economic diversification ranks among the best in the Middle East. Important industries such as tourism, agriculture, industry, and service industries have almost equal share of development. However, the economy of Egypt is not optimistic. Most people in the country are poor.


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Nigeria

GDP: 478.5 billion U.S. dollars. Nigeria is the most populous country in Africa. It is also the number one major competitor on this list. Its manufacturing industry is the third largest in Africa. It has a considerable share of world oil reserves. Taking into account the country’s 170 million population, Nigeria is expected to become one of the 20 largest economies in the world by 2020. It can be seen here that in a city like Lagos, the city’s skyline is a high-rise building owned by a multinational corporation.


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Algeria

Gross domestic product: $284.7 billion. It is a country in the northern Maghreb in Africa. Algeria has the highest land area in Africa, the highest in the Mediterranean countries and the highest in the Arab countries, ranking 10th in the world. Oil and natural gas are the pillars of the Arab national economy. Algeria has the fifth-largest natural gas reserves in the world and is the second-largest natural gas exporter in the world. The oil reserves are the 14th in the world.


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Morocco

Gross domestic product: 180 billion U.S. dollars. It is a coastal Arabian country in the northwestern part of Africa. It borders Algeria in the east and southeast, and close to Western Sahara in the south. It borders the Atlantic Ocean in the west and Spain and Portugal across the sea in the north. Morocco’s economic strength ranks fifth in Africa and second in the Maghreb region. Morocco follows the example of China, opening its coast to the advantages of the Atlantic and the Mediterranean, and building port cities such as Tangier and Casablanca. By 2012, Tangier Port will be the largest port in Africa.


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