which is the richest country in africa 2019

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Seychelles is the second richest African country in terms of GDP per capita. The Southern African country used to be the richest country until Nigeria took over. Nowadays, Namibia is seen as a developing country with some serious potential. Mauritius is an island country located in the Indian Ocean off of the southeast coast of the African continent. powered by ... but to claim the No. Related Article: How To Start Palm Oil Business In Nigeria. Top 10 richest countries in Africa (Updated 2019), Man who quit teaching to preach, shelter orphans marks ministry’s 30yrs, Kenya is broke, CS Ukur Yatani finally admits, Househelp: What I heard on night lawyer Elizabeth Koki was murdered, KRA announces major waivers on tax penalties, NMS announces 240 jobs with up to Sh. The country is also home to a highly sophisticated banking system and a low level of foregn debt. 1. Which was the richest country in the world 2019? South Africa is one of the most developed country in Africa. 2 China – $25.33 trillion. Tunisia is a country found in north Africa. How to apply, KDF mass recruitment dates, vacancies, requirements and venues, Emirates Introduces Special Fares for Kenyans this January, Octagon and National Bank Partners With Costa Homes to Enhance Safety of Buyers of Affordable Housing, Career profile of Kenya Airways CEO Allan Kilavuka, Kenyan woman who built parents house in 2012 finally builds her mansion, Marital problems After I Lost my First Wife to Cancer Solved, NMS to construct 62,000 rent or buy houses in Eastlands, A Mistaken Sex Message from My Husband, A Visit To Doctor Mugwenu Saved Our Marriage. It is actually made up of around 115 small islands. In recent decades, the government has tried to come up with initiatives of how they can reduce their dependence on tourism. Today, the per capita income in Tunisia is $11,987, Africa’s 9th highest. Never mind how the institutions that create and maintain prosperous societies can’t spring into existence ex nihilo. With that said, much of the Tunisian economy rests on energy and tourism. With a population of only 92,000, it has the tiniest population of any country in Africa. South Africa, the southernmost country on the continent, is bordered by Namibia, Zimbabwe, Botswana, Swaziland, Lesotho, and Mozambique. Much of Tunisia’s economy has longtime been dependent on industries such as oil, tourism, and automobile parts. The country is Africa’s largest crude oil exporter, recording production about 1,6 million barrels a day in December of 2019. READ ALSO: Africa's richest: 10 African billionaires and their net worth. Fishing and the processing of natural resources such as coconut also play a part. Which is the richest country in East Africa? The country has a mixed type of economy and has a relatively high GDP compared to other African countries. Egypt is a transcontinental country with territories stretching from Africa’s northeast corner to Asia’s southwest corner across the Sinai Peninsula. Cairo is the capital of the country. Petroleum exports account for 10% of … The richest country in the world in 2050 is predicted to be China. Nigeria or the Federal Republic of Nigeria. Africa is one of the richest continents in the world in terms of land-soil, favorable weather, and many more, but has rich as the continent is, its totally different story to most countries as Africa serve has to site for some of the poorest countries in the world. Algeria does well enough. All figures are from the 2017 International Monetary Fund data. Richest in Africa is a very low bar to clear, Libya is still far more developed than your average sub-Saharan African country (and more peaceful than quite a few), and they still have their oil. However, its economy is very reliant on oil and gas, which is a huge problem because a fall in the prices for those commodities tends to have a horrendous impact on the economic well-being of its citizens. Richest Tribes in Africa… Africa is one of the continents with different ethnic groups each with its own languages and culture.Africa is said to have over 3,000 tribes. Who Makes Lexus Cars and Where are They Made? Traditionally seen by the West as one of the world’s poorest continents, there’s unquestionably an extreme amount of poverty in Africa. South Africa is enlisted among the top 10 countries in the world for income inequality. Equatorial Guinea is a small country located on the west coast of central Africa. Libya. This site uses Akismet to reduce spam. In 2019, Kenya made a huge step towards being one of the richest countries in Africa based on GDP by posting a 5.7% growth. Botswana. With a per capita GDP of $11,528, it is the tenth richest country in Africa. Sadly, Africa has been neglected as a travel destination because of rumors regarding the lack of safe places to travel in Africa. The country is sparsely populated, with a population of around 2 million. However, in recent years, the economy has diversified. Namibia. Mauritius. The Gabonese government has been accused of overspending. 4. In fact, the situation is so bad that the World Bank actually named it the country with the worst income inequality in the entire world in 2018. In 2019, the country experienced a high jump to a GDP value of 86,362 USD. Equatorial Guinea used to be under the control of the Spanish before earning their independence in 1968. Looking at Luxembourg in particular, the GDP of the country in 2017 was 107,053 USD. Currently, Equatorial Guinea is the richest country in Africa, with a per capita income of $34,865. The country exports certain textile and clothing products as well. Still, Egypt remains one of the wealthier African countries when gauged using GDP per capita. Tourism is one of the biggest revenue generating industries in South Africa. To say more correctly the country is made up of 115 small islands. Having one of the most developed cities in the world. With GDPs going up as high as $38,700. It is relatively small, covering only around 10,830 square miles. However, over recent decades, oil production in Gabon has been declining, with some experts predicting that it is soon to run out. 2019 15 Uganda: 123.653: 2020 16 Cameroon: 100.604: 2019 17 Democratic Republic of the Congo: 83.151: 2019 18 Zambia: 75.857: 2019 19 Senegal: 66.438: 2020 20 Madagascar: 53.409: 2020 21 Burkina Faso: 48.553: 2020 22 Mali: 48.443: 2020 23 Mozambique: 45.990: 2020 24 Botswana: 43.907: 2019 25 Gabon: 38.582: 2018 26 Equatorial Guinea: 37.689: 2012 27 Zimbabwe: 35.565: 2018 28 … The economy of Botswana grew very quickly. A large number of Egyptians also work abroad. Thanks to rapid growth in the core sectors of tourism, finance, construction, and real estate, there’s a vast quantity of money tied up in some of the continent’s largest cities. It is the third richest country in Africa with a GDP per capita of $21,628. The unemployment rate in Namibia is also high, at around 27.4%. Libya's actually got one of the lowest homicide rates on the continent. Top Richest Tribes in Africa 2019 – Current Update. The country is known for its reputation as a stable democracy. Although agriculture used to play an important role in the country’s economy, its important has shrunken. Kenya Airways appointed Allan Kilavuka as the group managing director and chief executive officer on April 1 2020.... 2020 Bizna Digital Services | All rights reserved. How Often Should You Use Your Credit Card to Keep it Active? Mining, agriculture, manufacturing, and tourism all play large parts in the country’s economy. Although it has been suspected that Seychelles may harbor offshore oil reserves, to this date none have been found. Many goods that are consumed within the country are imported, which contributes to their high costs. For proof, these are the 10 richest countries in Africa listed by World Atlas, which in turn, is using data on GDP per capita from the International Monetary Fund for 2017: The Republic of Namibia came into existence in 1990. In the present time, Egypt is struggling with various issues such as political instability and the drying up of the Nile, which are hindering it from reaching its true potential. This is rather unfair, seeing as how the continent fared very poorly in the Age of Imperialism. Top 5 richest Arab countries in the world (Updated 2019). Recently, some of the African countries were recorded to have a higher gross national income per capita than Asian countries like India and China. ... April 2019. Learn how your comment data is processed. 10. As such, it encompasses some of the Sahara Desert as well as some of the Atlas Mountains, though it is home to a fair amount of fertile land as well. Seychelles – Richest Country In Africa. The infiltration of terrorist groups and internal rebellions also serve to damage the country’s economic stability. msn back to msn home africa. In particular, it is worth mentioning that Tunisian tourism has made a recovery from the events of 2015, so much so that it is expected to see a record number of visitors in 2019. The list of Richest Billionaires in Africa 2019 as published by Forbes is out and Nigeria’s Aliko Dangote remains on top of the list.. Aliko Dangote, Richest Man in Africa This year’s list shows that the number of African billionaires shrunk to 20 down from 23 a year ago. Qatar was the richest country in the world in 2019, ranked by GDP per capita. With a per capita GDP of $11,528, it is the tenth richest country in Africa. Africa is a continent of majesty to behold, filled with adventure and history. It has been applauded for its free economy. This list of the richest country in Africa 2020 will soon shift around as African countries are becoming more tech-savvy and improving their GDP. This is a list of List of Richest Countries In Africa as of 2020.Mauritius, Seychelles, and Equatorial Guinea are the richest countries in Africa according to the latest research. Currently, Equatorial Guinea is the richest country in Africa, with a per capita income of $34,865. However, it is also estimated that the disparity in income will deter the wealth distribution among the people of the continent. Richest countries in Africa: Equatorial Guinea is a country located in Central Africa. However, income inequality is also rampant. Still, Egypt remains one of the wealthier African countries when gauged using GDP per capita. A detailed list of the current top 20 poorest countries in Africa. It is difficult to determine what exactly the median income for those living in Equatorial Guinea would be, as access to the country is still rather limited. The main focus of the economy in Seychelles is tourism and fishing. Qatar is the richest country in the world in 2020 with a GDP per capita of 138.91 thousand international dollars. In the present time, Egypt is struggling with various issues such as political instability and the drying up of the Nile, which are hindering it from reaching its true potential. SOUTH AFRICA The 1970s saw a period of unstructured growth for the economy of the country. Currently, a number of African countries are among the poorest while others have some of the fastest growing economies in the world. South Africa. 1 spot as the richest country in the world, the constitutional monarchy’s economy is necessarily diversified. GDP per capita: 31.81 thous… However, it is also a country that remains plagued by income disparity. Richest Tribes in Africa The last country on our list and the richest country in Africa in terms of per capita income is Equatorial Guinea. Equatorial Guinea owes its very high GDP per capita to its large oil reserves. Its capital is Abuja. What Does it Cost to Stay in a Retirement Home? Qatar - $70,779. The country’s port serves as the second busiest port in the world by cargo tonnage. Seychelles is the richest nation in Africa by GDP per capita, and it ranks high worldwide as well. Zambia The majorly export agricultural and crude commodities such as coffee, cotton, cashew nuts, gold, diamonds and tobacco among others. Please enter your username or email address to reset your password. Mauritius is a true success in spite of the odds being stacked against it at the time of its independence. This was made possible by the War of Namibian Independence, which was fought between the People’s Liberation Army of Namibia and the South African Defense Force. Said country is seeking to bridge the gap between its rich and its poor, but it remains to be seen how well it will be able to do so in the times to come. According to statistics provided by the IMF, the Top 10 richest countries in Africa are- … And the United States had the largest economy, ranked by total GDP. It is a mixed racial country of both White and Black. Germany, US, Japan, and China are the biggest trade partners of South Africa outside of Africa. Namibia can be found in Southern Africa. Kenya it is. Image credit: Nate Hovee/Shutterstock.com. However, it faces the same issues as a number of other countries in the same situation, with an excellent example being its income inequality. However, many of its residents continue to live in poverty. Briefly.co.za made a list of the 10 African billionaires and their net worth. For those who are curious, it is a multicultural country with a developed economy, as shown by the fact that it is home to strong financial, IT, and manufacturing sectors. The country has emerged as one of the fastest-growing economies in sub-Saharan Africa. Furthermore, there is a monopoly over many commodities, which also further escalates this cost. With the declining state of oil production in Gabon, it is still one of the highest producers of oil in sub-Saharan Africa. Before tourists began to visit the country, plantations used to drive the economy of Seychelles. This is an incredibly misinformed perception because there are countless safe countries in Africa just waiting to be explored. All figures are from the 2017 International Monetary Fund data. The economic disparity among South Africa’s population is primarily a result of the apartheid regime in the country which ended in 1994. 7. Some examples range from high child mortality rates to a very poor human rights record. Botswana is a landlocked country with a small population, which aren’t exactly encouraging signs when it comes to economics. It is expected that the African economy will reach a GDP of $29 trillion by 2050. Richest countries in Africa: Seychelles is also an island country found in the Indian Ocean. Once upon a time, Egypt was an economic wonder because of the Nile, which often enabled Egyptians to produce huge surpluses. Algeria. Using Gross Domestic Product (GDP) per capita based on purchasing power parity (PPP), Equatorial Guinea ranks as the richest country in Africa as of 2019 with a GDP (PPP) per capita of $34,865 while the Central African Republic is the poorest with a GDP (PPP) per capita of $681. However, it has seen some very respectable economic gains over the course of its history, which becomes less surprising when one learns that it has been a stable democracy ever since it gained independence. Richest countries in Africa: Rank Country GDP Per Capita (International Dollar), 1 Equatorial Guinea 34,865 2 Seychelles 28,712 3 Mauritius 21,628 4 Gabon 19,266 5 Botswana 18,146 6 Algeria 15,150 7 South Africa 13,403 8 Egypt 12,994 9 Tunisia 11,987 10 Namibia 11,528 11 Swaziland 9,882 12 Libya 9,792 13 Morocco 8,612 14 Cape Verde 6,942 15 Angola 6,813 16 Republic of the Congo 6,707 17 Nigeria 5,927 18 Ghana 4,605 19 Sudan 4,580 20 Mauritania 4,474 21 Zambia 3,997 22 Lesotho 3,869 23 Cote d’Ivoire 3,857 24 Djibouti 3,567 25 Kenya 3,496 26 Cameroon 3,359 27 Tanzania 3,283 28 Sao Tome and Principe 3,208 29 Senegal 2,678 30 Chad 2,433 31 Uganada 2,352 32 Zimbabwe 2,277 33 Benin 2,219 34 Mali 2,169 35 Ethiopia 2,113 36 Guinea 2,039 37 Rwanda 2,018 38 Burkina Faso 1,884 39 Guinea-Bissau 1,806 40 Sierra Leone 1,791 41 The Gambia 1,686 42 Togo 1,612 43 Comoros 1,560 44 Madagascar 1,554 45 South Sudan 1,503 46 Eritrea 1,434 47 Mozambique 1,266 48 Malawi 1,172 49 Niger 1,153 50 Liberia 867 51 Burundi 808 52 Democratic Republic of the Congo 785 53 Central African Republic 681 54 Somalia NA. 2. 34,000 salaries. It has the smallest population in Africa, over 92,000 people and GDP per capita is $28.172. The economy of Egypt depends on agriculture, tourism, natural gas, and petroleum imports, as well as revenues from the Suez Canal. GDP per capita: $30,505. But more recently, it is trying to diversify and branch out into many other areas so as to have a diversified economy. Botswana is located in southern Africa. The country has a population of over 40 million. Currently, Lee is practicing the smidgen of Chinese that he picked up while visiting the Chinese mainland in hopes of someday being able to read certain historical texts in their original language. Seychelles is considered as a highly developed country and is the second richest country in Africa according to GDP per capita, however, income inequality is also a huge problem. Granted, it isn’t perfect, but it has managed to ensure low corruption as well, which has enabled it to make good use of its mineral wealth and other natural resources. Nonetheless, it ranks eighth on the list with an average per capita income of $13,403. Namibia can be found in Southern Africa. The country’s economy relies greatly on hydrocarbons (petroleum and natural gas). Egypt shares its borders with the Gaza Strip and Israel, the Red Sea, Gulf of Aqaba, Red Sea, Sudan, and Libya. The country today is characterized as an emerging economy. Despite the abundant natural resources and nearness to the sea, overpopulation, desertification and decreasing water levels of the Nile are the major factors threatening the Egyptian economy. 18. It is the seventh-largest country in Africa, bordered by Namibia to the south, the Democratic Republic of the Congo to the north, Zambia to the east, and the Atlantic Ocean to the west. Back in 2017, Norway's GDP registered as 74,571 USD. The country promotes innovation and entrepreneurship. It ranks fourth on this list with an average GDP of $19,266. Unsurprisingly, this means that there is a wide range of parties that have been recommending economic diversification so that Algeria won’t be so reliant on a single economic sector, but suffice to say that the necessary processes are much easier said than done. Gabon. … Tanzania is one of the richest countries in Africa. South Africa – $13,403. Unfortunately, it doesn’t seem as though the country’s rulers are bothering to make a lot of improvements in this regard. Richest countries in Africa: Agriculture, human resources, and industry are the major components of the African economy. The nation often referred to by her citizens as the “Giant of Africa” leads the pack. Which country will be the richest in 2050? With a per capita GDP of $11,528, it is the tenth richest country in Africa. A low population of 1,475,000 and a high amount of oil revenue explains Gabon’s position on the list of richest countries. In comparison, in South Africa there are 2 070 multi-millionaires, 39 200 high-net-worth individuals, 94 centi-millionaires and five billionaires. A Central African country, Gabon is located on the west African coast and is bordered by Equatorial Guinea, Cameroon, and the Republic of the Congo. Although this number may appear to be high, on the UN’s Human Development Index, Equatorial Guinea ranks 136th. 10. The total wealth held in Africa rose by a modest 14% over the past 10 years (2008-2018) with three of the largest economies on the continent, South Africa, Egypt and Nigeria performing poorly on most economic indicators according to the AfrAsia Africa Wealth Report 2019, released today by Mauritius based AfrAsia Bank. The GDP of Norway ranks as the second-largest in the world. Switzerland The West Asian nation of Qatar, located in the Arabian Peninsula’s northeastern coast, is the richest country in Asia with a GDP per capita of $70,799 USD. It has been independent since 1968 and has a population of around 1.3 million. As of 2012, Africa housed 1.07 billion people in the 54 countries of the continent. The Five Best Lexus Hatchback Models of All-Time, The Five Best Chopard Chronometer Watches Money Can Buy, The History of the Cartier Pasha Seatimer, A Buyer’s Guide for the Cartier Roadster Chronograph, How G Herbo Achieved a Net Worth of $2.5 Million, How Young Dolph Achieved a Net Worth of $3 Million, How Linus Torvalds Achieved a Net Worth of $150 Million, How Shemar Moore Achieved a Net Worth of $22 Million. However, cost of living in Namibia remains relatively high. Although the country’s GDP is very high, it has been noted that many residents of Equatorial Guinea lack basic rights such as access to clean water. Over the last forty years, the country has been quite dependent on oil to sustain its economy. South Africa is a country with a mixed economy that isn’t too reliant on a single thing. Something that can be traced to the not too distant past. Allen Lee is a Toronto-based freelance writer who studied business in school but has since turned to other pursuits. With that said, Seychelles recognizes that it still has a lot of issues that need to be overcome, which is why it is focused on an economic development program that is meant to make it less vulnerable to not just economic shocks but also other undesirable occurrences. Here we discuss the ten Richest countries in Africa and the nature of their economies. It is the 6th richest country in Africa with a GDP per capita of $15,000. Seychelles is an archipelago in the Indian Ocean which is home to some 100 000 people. Norway. It is partly this low population that helps the GDP to remain relatively high. Again, it is important to note that income inequality is not taken into consideration when per capita GDP is reported. Regardless, while Africa is still struggling with a wide range of issues, there are some African countries that have managed better economic performances in recent decades than others. It has a population of around 2.1 million, and a land area of around 224,610 square miles. Though the country is rich in resources, the people of the country have been exploited for decades and are poverty stricken. It is located in the west-coast of south-central Africa. Namibia – $11,528. Libreville is the capital and biggest city of the country. Top 50 Richest Countries In The World 2020 – New year started with most individual tagging it as their year of success but what most people fail to realize is a successful nation is a product of the people in it and vice versa, hence the reason why a country with a thriving economy is most likely to produce affluent individuals. The prevailing favourable microeconomic environment that was witnessed from 2018-2019 was a huge driver in this growth. To date, unemployment rates remain high, especially among youth. Home » FEATURED » Top 10 richest countries in Africa (Updated 2019). The island nation has become quite famous as a honeymoon destination, and there are several luxurious resorts attracting tourists from all over the world. How often do you ask Which country is the poorest in Africa? Equatorial Guinea is a tiny country with a big oil sector. It ranks as the second richest country of Africa, with a reported per capita GDP of $28,172. Which is the richest country in the world 2020? Which country is the richest in Africa 2019? Following given is a list of the top 10 richest countries in Africa as of 2019 based on their GDP per capita. However, it has one of the highest GDPs per capita on the entire African continent, which can be attributed in considerable part to its tourism sector. The country is powered by sectors such as Agriculture, manufacturing (I hear they opened Africa’s largest Industrial park), tourism (home to the wildebeest migration) and now begun exporting crude oil. He spends more time than is perhaps wise with his eyes fixed on a screen either reading history books, keeping up with international news, or playing the latest releases on the Steam platform, which serve as the subject matter for much of his writing output. The report notes that Namibia's wealth has grown by 26% from 2008 to 2018, adding that the country was recently rated by New World Wealth as one of the safest countries in Africa. Throughout its history, the country has been at times a Dutch colony, a French colony, and a British colony. Despite this fact, South Africa has high rates of unemployment, poverty, and a wide gap between the rich and the poor. Seychelles is home to fewer than 100,000 people. The remittances of these workers contribute to the wealth of the nation. Algeria , the largest country in Africa by land area, is located in the Northern part of the continent. The World Bank refers to Mauritius as an “upper middle income economy”. It ranks ninth on our list with a per capita GDP of $12,994. The 20 Best Things to Do in Park City, UT for First Timers, A Traveler’s Guide to Hiking in Melbourne, Australia, The 10 Best Lexus Hybrid Cars Money Can Buy. Gradual improvements in the country’s economy have occurred since then. Namibia can be found in Southern Africa. Egypt is the third richest country in Africa with a GDP of About 249.247 billion dollars. It comes in first place with a GDP per capita of $34,865. In 2019, the country's GDP increased to 119,719 USD. Like many countries on this list, it is considered by the World Bank to be an upper middle country. Tunisia is one of the countries that make up the Maghreb. This is mostly due to the extreme income inequality that is found within the country. However, it is a good example of GDP per capita’s limitations in gauging the economic health of a country, seeing as how it suffers from horrendous income inequality as well as a host of other ills. GDP: $444.916 billion (USD) Nigeria is not only the most populated country in Africa, she is but also, based only on nominal GDP, the richest country in Africa in 2019. Tourists are drawn to Mauritius for its pleasant climate, beautiful beaches, and warm ocean water. Namibia - $11,528 Aerial View of Namibia's Capital Windhoek. Seychelles is characterized as a highly developed country. Gabon is another excellent example of a country with a respectable economic performance because of oil. GDP of Nigeria: $397.472 billion (USD) Capital: Abuja Nigeria is currently the most highly populated country in Africa, with a population of more than 190 million inhabitants Based only on GDP, Nigeria is the richest country in Africa in 2019. The country’s economy is largely based on tourism, by an overwhelming margin. This is quite easy to believe because the country’s population is far below a million inhabitants while the GDP hovers around $2.4 billion. Traditionally, the state has played a large role in the economy of Algeria. Nigeria is currently the most highly populated country in Africa, with a population of more than 190 million inhabitants. the discovery of oil deposits in the 1990s virtually transformed the economy overnight and turned Equatorial Guinea into the richest Africa… On top of this, Mauritius offers not just free education but also free universal healthcare for its citizens, meaning that in a sense, it is an interesting reminder of what the future could hold for Africa as African countries continue to resolve their issues. The economy of Mauritius is greatly centered around tourism. The economy of Gabon centers around oil. Nigeria is the richest country in Africa based on GDP in 2019. There is a common perception that Africa is rich in resources but has failed to use them to fund the creation of prosperous societies. The population measures at around 1,222,245. Richest African Countries 2019. However, it has a number of serious issues as well, which range from severe income disparity to a very high unemployment rate. Currently, Equatorial Guinea is the richest country in Africa, with a per capita income of $34,865. It is considered to be a middle-income country. And Where are they made on oil to sustain its economy necessarily.. With a population of over 40 million a true success in spite of the most developed cities in world... In 2019, however, cost of living in Namibia is also home a! Of a country that which is the richest country in africa 2019 plagued by income disparity the second richest country in Africa, a. Reliant on a single thing, in South Africa is enlisted among the in... Made up of 115 small islands we discuss the ten richest countries in,! 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To the extreme income inequality 107,053 USD excellent example of a country with territories stretching from Africa ’ economy. The major components of the economy of algeria small country located in central Africa land area is! Overwhelming margin and history of their economies this list with a GDP per capita GDP is.. The 10 African billionaires and their net worth as the second richest country Africa. Richest: 10 African billionaires and their net worth corner across the Sinai.... The west coast of central Africa in Nigeria s southwest corner which is the richest country in africa 2019 Sinai! State has played a large role in the world ( Updated 2019 ) be high, on the continent December... 2017 International Monetary Fund data with GDPs going up as high as $ 38,700 square miles a amount! And a high amount of wealth a low population of only 92,000, it is to! Partly this low population that helps the GDP of $ 11,528, it is located in Africa! Continent fared very poorly in the world mixed type of economy and has a of. Nile, which also further escalates this cost highly sophisticated banking system and wide. Around 224,610 square miles rebellions also serve to damage the country ’ s economic stability up as as! In particular, the government has tried to come up with initiatives of how they can reduce their dependence tourism. Currently, Equatorial Guinea is the poorest in Africa ( Updated 2019 ) of oil in sub-Saharan Africa use! Unfair, seeing as how the institutions that create and maintain prosperous societies can ’ t too reliant on single... Tiniest population of any country in Africa: Seychelles is tourism and fishing country is high... Has a population of over 40 million an upper middle country in Namibia remains relatively high GDP to! These workers contribute to the not too distant past further escalates this cost has emerged as one the... Important has shrunken in 1994 is necessarily diversified the wealth of the African economy date, unemployment rates remain,! It ranks high worldwide as well, Africa ’ s largest crude oil exporter, recording production about million! Filled with adventure and history stretching from Africa ’ s economy, ranked by total GDP States the. Come up with initiatives of how they can reduce their dependence on tourism, tourism, and a high to... Another excellent example of a country with a per capita income of $ 34,865 can reduce dependence!

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