An economy is an area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location.
Economy of a country is affected by number of factors such as human Capital, physical Capital, entrepreneurship Natural Resources, levels of infrastructure ,development of technology, political Conditions, inflation, war, terrorism etc.
Size of an economy can be determine by its GDP(Gross Domestic Product).GDP is the monetary value of final goods and services produced in a country during specific time period, usually an year. When GDP is divided by total population of country we get GDP per capita which shows the average amount of money each individual of a country makes, so it shows how rich the average citizen of a country is. GDP and GDP per capita are less useful when comparing one country with other because they are expressed in local currency so they do not measure the differences in living standards b/w countries .GDP is also calculated based on purchasing power parity (PPP), it compares the purchasing power of currencies.
Malawai is landlocked South African country with population of 16.36 million. Malawai holds GDP /capita of $226.50.
Agriculture contributes to 1/3 of Malawian GDP. Tabaco accounts for half of exports. The economy is relaying on economic assistance from the IMF, the World Bank, and individual donor nations. Over 90,000 people in Malawi live with HIV/AIDS.
Political instability is also reason for low economy, first 30 years of the country’s free history was ruled by an oppressive tyrant Hastings Banda. He lists in top 20 cruel dictators of Africa.
Burundi is a landlocked country of East Africa having the Population of 10.16 million and GDP /capita of $267.10. More than 70% of the labor force relies on agriculture; the majority of them are farmers. Recurring violence and political disputes, ongoing civil war, over population and soil erosion are main reasons for poor economy.
- Central African Republic
Central African Republic is a landlocked country in Central Africa. Central Africa Republic has population of 4.616 million and holds GDP/ capita of $333.20. It supports very poor infrastructure and is victim of political instability and war thus limiting the efficiency of the distribution of the nation’s resources .Most of the population is dependent on agriculture.
Niger is a landlocked country in Western Africa .It has Population of 17.83 million and GDP/capita of $415.40.Niger’s economy is based largely on subsistence crops, livestock, and uranium deposits. Unfortunately economic sources of uranium can easily be devastated by random shifts in climate and weather. Farming, herding, small trading, and informal markets dominate economy and generate few formal sector jobs.
Liberia is a country on the West African coast having population of 4.294 million and GDP/capita of 454.30.Civil war destroyed the infrastructure economy of the country .Liberia has depended heavily on vast amounts of foreign assistance, particularly from the United States, Japan, Britain, France, Italy, Germany, the People’s Republic of China, and Romania.
Madagascar is a huge island nation located Africa. Madagascar has population of 22.92 million and GDP/capita of $463.00.Most of the population is dependent on agriculture, lack of potent farming land, poor infrastructure, geographic isolation, poor education system, environmental degradation and the growing population only make their economic situation worse and worse over time.
- Democratic Republic of the Congo
The Democratic Republic of the Congo is a country located in Central Africa having population of 67.51 million and GDP/capita of $484.2. The Democratic Republic of the Congo has been subject to a very unstable, corrupt political system that has been holding back the potential of the nation’s wealth drastically.
The Gambia is a small West African country. Gambia has population of roughly 1.8 million people and GDP/capita of $488.60.The Gambia relies primarily on farming and fishing to drive their economy. Both of these are incredibly vulnerable to poor weather conditions. It also doesn’t help that the soil fertility of the farming land is typically low, further decreasing both the quantity and quality of seasonal yields.
Ethiopia is located in the Horn of Africa having population of 94.1 million and GDP/capita of $505.00.Poor economy is a result of Ethiopia’s large population, and dependence on a poorly funded, underdeveloped, and vulnerable agricultural industry as a staple in their economy.
Guinea is a country on the West coast of Africa having population of 11.75 million and GDP/capita of $523.10.
Guinea economy is victim of sociopolitical crises .Nation has less access to new information and obsolete technology, as investors tend to shy away from the nation entirely.