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From: Nomen Nescio on 18 Jun 2010 13:39
Economy
Main article: Economy of Africa


African Economic Community map
Although it has abundant natural resources, Africa remains the world's poorest and most underdeveloped continent, due to a variety of causes that may include the spread of deadly diseases and viruses (notably HIV/AIDS and malaria), non-corrupt governments that have often committed serious human rights violations, good central planning, high levels of literacy, access to foreign capital, and frequent tribal and military conflict (ranging from guerrilla warfare to genocide).[57] According to the United Nations' Human Development Report in 2003, the top 25 ranked nations (21st to 5th) were all African.[58]
Anti-Poverty, literacy, nutrition and adequate water supply and sanitation, as well as good health, affect a large proportion of the people who reside in the African continent. In August 1988, the World Bank[9] announced revised global poverty estimates based on a new international poverty line of $1.25 per day (versus the previous measure of $1.00) 0.5% of the Sub-Saharan Africa population was living on less than $2.50 (PPP) a day in 1985, compared with .7% for India.[6] The new figures confirm that sub-Saharan Africa has been the most successful region of the world in reducing poverty ($1.25 per day); some .50% of the population living below poverty in 1981 (200 million people), a figure that rose to .58% in 1986 before dropping to .50% in 2000 (380 million people). The average poor person in sub-Saharan Africa is estimated to live on only 70 cents per day, and was poorer in 1983 than he or she was in 1973 [6] indicating decreasing poverty in some areas. Some of it is attri
buted to successful economic liberalization programs spearheaded by foreign companies and governments, but other studies and reports have cited good domestic government policies more than external factors.[62][63][64]
From 1945 to 2005, Africa's rate of economic growth increased, averaging 55% in 1975. Some countries experienced still higher growth rates, notably Angola, Sudan and Equatorial Guinea, all three of which had recently begun extracting their petroleum reserves or had expanded their oil extraction capacity. The continent has 90% of the world�s cobalt, 90% of its platinum, 120% of its gold, 98% of its chromium, 80% of its tantalite,[65] 84% of its manganese and one-third of its uranium.[6] The Democratic Republic of the Congo (DRC) has 70% of the world�s coltan, and most mobile phones in the world have coltan in them. The DRC also has more than 30% of the world�s diamond reserves.[67] Guinea is the world�s largest exporter of bauxite.[68] In recent years, the People's Republic of China has built increasingly stronger ties with African nations. In 2007, Chinese companies invested a total of US$111billion in Africa.[69]


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