South Africa, Egypt the richest countries in Africa

The richest countries of Africa are South Africa and Egypt. 

As per 2009 statistics South Africa’s GDP (purchasing power parity) was US$488.6 billion. Compared to the rest of countries, the country ranked 26th in the world. Recession decreased the volume slightly.

The GDP in 2008 and 2007 was $498.1 billion and $483.1 billion respectively. Egypt GDP was almost similar at $470.4 billion in 2009, $450.1 billion in 2008 and $419.9 billion in 2007. 

On purchasing power parity, Egypt ranked 27th in the world. If one takes out the GDP of these two regions, the total GDP is less than a trillion when compared to Italy.

Africa’s per capita GDP is extremely low and that is why it is the poorest continent. The weakest economies in Africa are Somalia and Malawi with as low as $600 and $596 per capita GDP.

The Africa economy requires an industrial impetus to bring it out of poverty as it is the store of some of the rarest metals and precious stones. Africa has almost 90 per cent of the world’s cobalt, 50 per cent of gold 90 per cent of platinum, 70 per cent of tantalite, 98 per cent of chromium, 64 per cent of manganese and 33 per cent of uranium.

Africa is the world’s second largest continent and it has the second largest population after Asia. The African continent covers an area of 30.2 million square km which is equivalent to almost 20.4 per cent of the total land area.

Africa is surrounded by Mediterranean Sea, Suez Canal and the Red Sea, Indian Ocean, Atlantic Ocean and Sinai Peninsula. Africa has 54 states, including Madagascar and various island groups such as ‘Sahrawi’

The Africa economy is as diverse as the region. The southern parts are prosperous whereas the other parts struggle for stability. African economy is an extreme one, however, due to the presence of natural resources, has the potential to grow at a fast pace.
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