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The economy of Africa consists of the trade, industry, and resources of the peoples of Africa. As of July 2005[update], approximately 887 million people were living in 54 different states. Africa is the world's poorest inhabited continent. Though parts of the continent have made significant gains over the last few years, of the 175 countries reviewed in the United Nations' Human Development Report 2003, 25 African nations ranked lowest amongst the nations of the world. This is partly due to its turbulent history. The decolonization of Africa was fraught with instability aggravated by cold war conflict. Since mid-20th century the Cold War and increased corruption and despotism have also contributed to Africa's poor economy. The biggest contrast in terms of development has been between Africa and the economy of East Asia. The economies of China and India have grown rapidly, while Latin America has also experienced moderate growth, lifting millions above subsistence living. By contrast, much of Africa has stagnated and even regressed in terms of foreign trade, investment, per capita income, and other economic growth measures.[1] Poverty has had widespread effects, including low life expectancy, violence, and instability, which in turn have perpetuated the continent's growth problems. Over the decades, there have been many unsuccessful attempts to improve the economies of individual African countries. However, recent data suggest some parts of the continent are experiencing faster growth. The World Bank reports the economy of Sub-Saharan African countries grew at rates that match global rates.[2][3]The economies of the fastest growing African nations experienced growth significantly above the global average rates. The top nations in 2007 include Mauritania with growth at 19.8%, Angola at 17.6%, Sudan at 9.6%, Mozambique at 7.9% and Malawi at 7.8%.[4] While no African nation has joined the ranks of the developed nations in the Organization for Economic Co-operation and Development (OECD) yet, the entire continent is not utterly impoverished and there is considerable variation in its wealth. Arab North Africa has long been closely linked to the economies of Europe and the Middle East. South Africa is by far the continent's wealthiest state, both in GDP per capita and in total GDP, and its neighbors have shared in this wealth. South Africa is a likely future member of the OECD.[dubious – discuss] The small but oil-rich states of Gabon and Equatorial Guinea round out the list of the ten wealthiest states in Africa. The temperate northern and southern ends of the continent are wealthier than tropical sub-Saharan Africa. Within the tropics, East Africa, with its long pre-colonial history of trade and development, has tended to be wealthier and more stable than elsewhere. Islands such as the Seychelles, Réunion, Mauritius, and Cape Verde have remained wealthier than the continental nations, although the unstable Comoros remain poor.
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