14 September, 2022 seen 34,998Last year I started to pay more attention to the TOP 10 largest economies in the World by terms of Gross Domestic…
The African Union (AU) is a continental union consisting of 55 member states located on the continent of Africa. The AU's future goals include a customs union, a single market, a central bank, and a common currency, thereby establishing an economic and monetary union.
The African Union has been created a while ago actually in 2001. The African Union consists of 54 countries (52 states and 2 Kingdoms).
Although African Union is not so integrated so closely as European Union, with common parliament, money e.t.c. - I do believe that there might be some future prospects by doing it so.
Anyway - I decided to measure GDP per capita in African Union this time.
GDP per Capita in African Union 2012/2013
|2012 ($ thousands)||2013 ($ thousands)||Growth ($)||Percentage %|
|Republic of the Congo||3154||3172||18||0.57|
|São Tomé and Príncipe||1400||1610||210||15|
|Democratic Republic of the Congo||418||454||36||8.61|
|Central African Republic||479||333||-146||-30.48|
|Sahrawi Republic (Western Sahara)|
Data source: World Bank
- Although Africa is home for about 900 millions people, their overall economy is pathetic modest - making average GDP per capita $2.883 thousands in 2013.
- The highest GDP per capita is observed in Equatorial Guinea - $20.572 thousands, and it's the only one country in African Union with GDP per capita higher than $20 thousands
- There are 3 more countries which GDP per capita is higher than $10 thousands -Seychelles, Libya and Gabon
- The lowest GDP per capita - Malawi - modest $226 in 2013.
- There are 24 states in African Union having less than $1 thousand GDP per capita
Map of African Union / GDP per capita 2013
Compared to average median GDP per capita in EU, African Union is about 10 times bellow EU.
Speaking of future forecasts - I believe that African continent once will leave in peace and prosperity, but I doubt that it will be by this decade, for sure. There might be some improvements in next (2020-2030) decade, for which fundamentals are layed in already today. Personally speaking - I have observed (on news portals) that China is making huge investments in African countries. So huge, that China is considered the largest Foreign Investor in China.
What's your thoughts? Do you believe that peace and prosperity is possible in Africa, or it's just like in the feature film - Blood Diamond (2006) with Leonardo Di Caprio - TIA (This is Africa - nobody cares about Africa)
Another interesting feature film what arises in my head - Lord of War, with Nicolas Cage - and again - This is Africa, the ammo truck is been formed as Umbrella's truck.
What's the main problem in poor African countries? Their own government or their own corrupt government? Maybe I'm wrong. Please share your thoughts!