Africa accounts for 3 percent of the global economy
Apr 5, 2011
Africa has an annual gross domestic product (GDP) of about $1.5 trillion, accounting for 3 percent of the global economy, according to a recent report from Trust.org.
This is compared to the approximate $15.2 trillion nominal GDP of the United States, which ranks second to the overall GDP of the European Union, $16.5 trillion, according to the International Monetary Fund October 2010 estimates.
According to former Secretary General of the United Nations, Kofi Annan, Africa's overall outlook is positive.
“There is no doubt that Africa is on the move. The continent is again rightly being seen as a place of opportunity. Economic growth is strong. Countries and companies are queuing up to invest,” said Annan.
Annan is currently the chairman of the Alliance for a Green Revolution in Africa. Much more investment is still needed in research and farm improvements in order for Africa to guarantee food security in the future, said Annan.
With populations growing in China and India, and the living standards increasing in those countries, Africa must develop its own method for food security. Otherwise, one result could be the export of African grown food to other countries at the detriment of the African people.