| Economy Main article: Economy of Africa Africa is the world's poorest inhabited continent: the United Nations' Human Development Report 2003 (of 175 countries) found that positions 151 (Gambia) to 175 (Sierra Leone) were taken up entirely by African nations. It has had (and in some ways is still having) a shaky and uncertain transition from colonialism, with increases in corruption and despotism being major contributing factors to its poor economic situation. While rapid growth in China and now India, and moderate growth in South America, has lifted millions beyond subsistence living, Africa has gone backwards in terms of foreign trade, investment, and per capita income. This poverty has widespread effects, including lower life expectancy, violence, and instability - factors intertwined with the continent's poverty. The major economic success is South Africa, which is developed to the extent that it has its own mature stock exchange. This is partly due to its wealth of natural resources, being the world's leading producer of both gold and diamonds, and partly due to its well-established legal system. South Africa also has access to capital, markets and know how. Nigeria sits on one of the largest proven oil reserves in the world and has the highest population among nations in Africa, with one of the fastest growing. However, most of the oil industry is foreign owned, and the industry is rife with corruption at the national level so that very little oil money stays in the country, and what does goes to a very small percentage of the population. |
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