The economy of
Africa consists of the trade, industry, agriculture, and human resources of the continent. As of 2012, approximately 1.07 billion people were living in 54 different countries in Africa. Africa is a resource-rich
continent but many African people are poor. Recent growth has been due to growth
in sales in commodities, services, and manufacturing. Sub Saharan Africa, in particular, is
expected to reach a GDP of $29 trillion by 2050 but its income inequality will
be a major deterrent in wealth distribution.
In March 2013, Africa was identified
as the world's poorest inhabited continent; however, the World Bank expects
that most African countries will reach "middle income" status
(defined as at least US$1,000 per
person a year) by 2025 if current growth rates continue. In 2013, Africa was the world’s
fastest-growing continent at 5.6% a year and GDP is expected to rise by an
average of over 6% a year between 2013 and 2023. Growth has been present throughout the
continent, with over one-third of Sub-Saharan African countries posting 6% or
higher growth rates, and another 40% growing between 4% to 6% per year.
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