Official names of South Africa The name "South Africa" is derived from the country's geographic location at the southern tip of Africa. Upon formation, the country was named the Union of South Africa in English, reflecting its origin from the unification of four formerly separate British colonies. Sincethe long form name in English has been the "Republic of South Africa".
Its area is larger than that of China, the United States and India combined or five times that of the 28 countries of the European Union. Its population, at over million, is also getting on for twice as much as that of the European Union.
The 48 countries of the region are also extremely varied, both in size and economic history, with many small countries and giants such as Nigeria. This article aims to provide an overview of the economic history of sub-Saharan Africa since independence around for most countries.
In the years to the population of Africa did not grow significantly. In contrast, the population of Europe grew over four-fold in this period. But sub-Saharan Africa was also ravaged by the effects of colonialism.
As a result of colonialism, many of its national economies became virtual monoculture mineral or commodity exporters. They are also dependent on imports for equipment, capital goods, the bulk of their consumer goods, know-how and technology.
As a result they are more susceptible to the vagaries of world price changes and other external shocks than more diversified economies. Aliko Dangote of Nigeria, with a net worth of This inequality has exploded over the last two centuries.
As an example of the comparability of their economic development, in the late 19th century some African states were still able routinely to defeat European armies: Similarly, in neighbouring Ethiopia, an Italian army of 20, was massively defeated at the Battle of Adowa in In West Africa the armed forces of the Asante Empire defeated the British forces and killed their commander, the governor of the Gold Coast now Ghana in The Asante again attacked the coastal area of the Gold Coast between and and were only finally defeated in Their companies are very active across sub-Saharan Africa and their governments act as sub-imperial powers, even aiding Western imperial powers.
Duringfor example, Nigerian troops helped to replace the French forces in northern Mali and 13 South African paratroopers were killed in the Central African Republic during the overthrow of its former president. Despite the diversity of national economic experiences, the economic history of sub-Saharan Africa can be broadly divided into four sub-periods: The broad trends of economic growth in sub-Saharan Africa and Africa as a whole over the last half a century are shown in figure 1.
It will take more sustained struggle by the growing working class to see a significant reduction in poverty over the coming decades. But the huge struggles, especially in South Africa and Nigeria, in recent years have indicated that this is a distinct possibility.
The medium-term effects of the ongoing global Great Recession on Africa are not yet clear and the economy still faces a significant number of key risks. Average per capita GDP growth rates percentage Source: By this had increased to 60 percent.
In addition, average per capita income is currently probably as much as 10 percent less than its peak in This provided vast windfall gains for oil-producing states such as Saudi Arabia, Kuwait and Abu Dhabi.Governments in various countries, irrespective of the country׳s level of economic growth, seek to initiate macroeconomic policies towards achieving better economic performance in order to advance level of business activities and ultimately, ensure better quality of life for the people.
S ub-Saharan Africa is huge. Its area is larger than that of China, the United States and India combined or five times that of the 28 countries of the European Union.
Its population, at over million, is also getting on for twice as much as that of the European Union. yunusemremert.com?ixlib=rb&q=45&auto=format&w=&fit.
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