Africa’s 1.4 billion population with its abundant resources makes it an investment heaven and the toast of several new businesses thus its status as a notable global economic player.
ADVERTISEMENTHowever, the distribution of GDP growth has been noticed to be unequal according to a report by the International Monetary Fund (IMF).
This report noted that from the 53 African countries sampled, the combined GDP of the big five countries which are South Africa, Egypt, Algeria, Nigeria, and Ethiopia ($1.
4 trillion) made up half of the combined GDPs of the entire African nations.
ADVERTISEMENTMeanwhile, the rest of Africa, 48 countries in total, also have a combined GDP of $1.
4 trillion.
To maintain this economic drive and sustain the improvements in GDP, African countries have been urged to focus more on investing in key growth sectors, as well as the implementation of domestic policies aimed at reversing policy effects that increase the cost of living.
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