ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Africa as a whole has abundant natural resources, but much of its economy has remained predominantly agricultural, and subsistence farming still engages more than 60 percent of the population.

Detailed explanation-2: -Climatic factors greatly influence Africa’s agriculture, which is considered the continent’s single most important economic activity. Agriculture employs two-thirds of the continent’s working population and contributes 20 to 60 percent of every country’s gross domestic product (GDP).

Detailed explanation-3: -Africa is a resource-rich continent. Recent growth has been due to growth in sales in commodities, services, and manufacturing. West Africa, East Africa, Central Africa and Southern Africa in particular, are expected to reach a combined GDP of $29 trillion by 2050. Lagos is the largest city in Africa.

Detailed explanation-4: -The African continent is no doubt the most resource-abundant continent. Resources such as gold, diamond, oil, natural gas, copper, uranium, among others are mined in different parts of the continent. Almost every country in Africa has a deposit of natural resources, Africa is also the poorest continent in the world.