Are you curious what the most economically developed countries in Africa are? You don’t need to search on the internet because Insider Monkey has investigated it for you and published an article about this topic.
When talking about certain countries and their development, it is of enormous importance to discuss their economy in order to get to know the overall picture. In African case, this is even more important, because it will also help us to break the wrong picture of this amazing continent. n order to get the relevant data related to the economic development, the gross domestic product (GDP) is the most important indicator to look at. In very simple words, this stands for the overall dollar value of everything that is produced in a certain period, and it is usually expressed in comparison to the previous period, making it easier to follow the potential development or possible decline. Later in the same article that explains what GDP actually is, there is also the explanation on how it is actually measured. Apparently, and if I may say, quite logically, this can be done only by economists, taking into consideration two aspects; what everyone earned in a year and what everyone spent. This is called income approach and expenditure method.
Now without a further ado let’s see what Insider Monkey has investigated for us. We have picked two counties from their list.
Tanzania is the first now. Nominal GDP is $45.899 billion. This country has been through a lot in the past decade, paving its way to better development and poverty reduction, in order to establish the economy. It looks like everything that was done was pretty much effective since it has achieved growth and modernized in every sense. Although this is a very small country, the financial sector is now one of the best in Africa. It has been noted that the annual GDP growth has reached 7% thanks to transport, agriculture, manufacturing, construction, and communication. Kenya is the second country, its nominal GDP: $64.688 billion. As a member of East African Community, Kenya has a lot of advantages in terms of its economic development. Approximately, the average annual growth is around 5.9%, but the estimation of the World Bank is that it can actually reach 6.8%. Generally speaking, the most important aspects of the economic development are tourism, construction, agriculture and financial intermediation. However, Kenya still lacks some crucial things in order to stabilize its economy, and that are: stable government, political security, and even some threats by al-Shabaab terrorists from Somalia affected the development to some point.
For any further interesting information read Insider Monkey’s article about 10 most economically developed countries in Africa.