Economic Development Of Africa And South America

All this is a little too close to what A. G. Hopkins called, in the Introduction to his brilliant Economic History of West Africa, the 'Myth of Merrie Africa'. This myth, and any static picture of the African past, does an injustice to the dynamic and innovative features in African society.

In Africa for example, savings rates of around 17% of GDP compare to 31% on average for middle income countries. Low savings rates and poorly developed or malfunctioning financial markets make it more expensive for African public and private sectors to get funds for investment as higher borrowing costs impede capital investment. Moreover, in

Africa is one of the most prominent continents among all others in the world. Due to its unique culture and historical background, it has been a centre of attraction for many scientists and archaeologists. It is one of the most blessed continents with regards to human and natural resources and stands unique containing the world’s largest dessert Sahara. There is no denial of the fact that Africa stands as the second largest and the second most densely populated continent of the world. It has been recognized throughout the world and has the highest percentage of youngest population and had about 54 countries across the continent. Scientists believe that it as the place where human kind has started to originate. This continent is culturally diverse as it has many countries in it. Africa has been a centre of consideration for historians and archaeologists due to its ancient development and diversified history. It has remained under the rule of many prominent nations of the world including Romans, Arabs and Portugal. It is a place

Going into my sophomore year of high school I was fortunate enough to get accepted by the Schuler Scholar Program. In the program each scholar is a assigned a reading coach. During the first session my reading coach, Wyatt, told me to write down a couple questions that I had about anything. When I heard "anything" the first thing that came to my mind was Africa. For a while I've been wondering about the topic. Since my step father’s mother is from Africa, it is a topic that comes up a lot at the dinner table. Sometimes we visit his mother’s side of the family, and they make African food and play music and it is always a good time. Being African American and white, I have always wanted to learn more about the culture and roots of my African American side. I saw this as a perfect opportunity to do just that. So in my journal I wrote "Why isn't Africa the most powerful continent"

Modern African states have various problems ranging from corruption, to armed conflict, to stunted structural development. Africa’s ongoing political instability and economic crisis have hindered the improvement of Africa. Thus, the lack of money, advancement in technology, and climate has hampered economic development. Despite European mistreatment and oppression African’s have endured hardships that have encouraged economy, education, and political

The large cash injection would then create a “greasing the gears effect” and allow for the jumpstart of economic development. Between the years of 1948 and 1952 the U.S. granted $13 billion to revamp the European economy (Dambisa, 2009: 35). This particular method achieved great success in post-World War II Europe and was known as the Marshall Plan. Due to its effective and unquestionable success in this era, the model was applied to economic development in Africa with the confidence that the same outstanding results would ensue. However, the application of the Marshall Plan to Africa is problematic for three reasons. One, the Marshall Plan had a rigid duration period of five years while, the concessional loans and grants to Africa over the last 50 years have been unending (Dambisa, 2009: 36). Two, European institutions were already in place to receive the aid efficiently and effectively. In Africa, however, these same institutions are either non-existent or grossly ineffective due to corruption (Dambisa, 2009: 37). The vast amounts of corruption have been heavily documented. Mobutu Sese Seko, President of the Democratic Republic of the Congo from 1965 to 1997, for example, stole an equivalent of U.S. 5 billion dollars from his people (Dambisa, 2009: 48). However, even the less corrupt rulers of many African countries had few options as to what to invest the aid money on. Consequently, the bulk concessional aid goes directly into consumption without a variety of investment outlets. This process does not solve the problem but instead, allows for the cycle to continue. Lastly, three, the money from the Marshal had specific targets to repair physical infrastructure such as, roads, communications, sewage, factories, and electric systems (Dambisa, 2009: 37) In Africa today, the scope of the

countries to the United States, Europe, and Saudi Arabia. When people don’t get enough food, money,

The region is made up of 48 countries with a population of 973.4 million as correct of 2014 (The World Bank). Furthermore, over 60% of that demographic is under 30, showing promise for an increasing working age population. Africa can use this vast labour potential to increase GDP and therefore increase the wealth of the continent.

Africa has been at the margins of the global economy for much if not all the post-independence period. This is despite having sixty five percent of the worlds diamonds, thirty percent of the world’s oil and in 1976, seventy nine percent of the worlds gold. Africa’s rich mineral basins and numerous tourist attractions left the rest of the world shocked when Africa 's share of world trade has dropped from four percent to one and a half percent over the last forty years and its growth rates were down through the 1970s, '80s and '90s. Some experts averred that all this happened because African countries failed to attract private capital as most investors

Africa was colonized in the 1870s, an era of colonization and European capitalism. At this time period, land was more powerful than any type of currency. (“European Colonization of Africa and Asia”). For some countries in Europe, like Britain, getting profitable regions of Africa meant land, raw materials, and a legacy of a world power.

Poverty is a very big issue in Africa, North of South America and Asia. This is because these countries in these continents are less economically developed (LEDC). Due to this the people are more vulnerable to catching diseases and dying. Africa has the highest amount of poverty leading to 91% of death to be cause by malaria. The reason for these deaths is because the government is finding it difficult to come up with the money to buy the correct medicine. Countries around the Sub Saharan region spend 40% of its health budget on Malaria. The area of that has the highest amount of death due to malaria and poverty is the Middle East with 38,000 annually, closely followed by Asia with 36,000.

From this study, we realize that Ghana has had a long standing history of gold production, dating back to the colonial era: The economy continues to be a dominant gold producer in Africa and the world. Further, gold production has contributed significantly towards the development of the economy of Ghana; providing the much needed foreign exchange earnings; as well as jobs and incomes for the citizenry. The librazilization of gold production in 1989 following the Economic Recovery Program (ERP) in 1983 allowed the operation of small scale gold mining. Small scale gold production has led to increase in gold production and export, however, liberalization, gold export and the existence of small scale gold

Zimbabwe was once among the most developed countries in Africa. Today however the situation in Zimbabwe is dire, as the economy is in crisis, the monthly inflation rate is approximately running at 13.2 billion per cent, consumer prices on everything from gasoline to glue are doubling everyday, the currency has almost no worth or value, the country’s levels of unemployment rate is formidable, natural resources have all but been destroyed while the country is ruled and dominated by violence and fear.

Tanzania’s notable economic expansion in recent years has been facilitated by open market policies related to global commerce. The financial sector and the investment framework are relatively well developed for the region. However, these strengths are offset by weak socioeconomic indicators, structurally large current account and budgetdeficits, and rising debt levels.

Objective of this paper is to carry out the analysis of South African economy using the several economic tools to evaluate the country growth rate within the past 5 years. The balance of payment (BOP) is a statistical tool that provides a systematic summary of South African economic transactions with other countries of the world. One of the major economic and financial tools to evaluate country's economic performances is the balance of payment and BOP is the record of all economic transactions between a country and all other countries in given a year. Balance of payments is the key economic indicator that shows economic relationships between a domestic economy and the rest of the world. This paper uses the balance of payments indicator to measure South African growth rate.