Chinese Aid In African Economy
Abstract
The increase in the Chinese aid in African economy is helping African economy to grow and develop. Although it is some economist thinks that it is not a good practice my motive is to show how Chinese aid is helping African economy in order to develop. With the help of An African country – Angola I would like to show its development before and after Chinese aid. My objective is to show that Chinese aid is positive for African economy.
Chapter 1 : INTRODUCTION
AFRICAN ECONOMY consists of the trade, industry, agriculture, and human resources of the continent. As of 2012, approximately1.07 billion people were living in 54 different countries in Africa. Africa is a resource-rich continent but many
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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%. Other fast growers include Rwanda, Mozambique, Chad, Niger, Burkina Faso, Ethiopia. Nonetheless, growth has been dismal, negative or sluggish in many parts of Africa including Zimbabwe, the Democratic Republic of the Congo, the Republic of the Congo and Burundi. Many international agencies are increasingly interested in investing in emerging African economies. especially as Africa continues to maintain high economic growth despite current global economic recession. The rate of return on investment in Africa is currently the highest in the developing world.
Now in the next chapters I would state the economic condition of Angola which shows the GDP of Angola before and after the Chinese aid. In my paper I will show how the Chinese aid helped the African economy especially Angola to increase its growth and
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It is still recovering from the Angolan Civil War that plagued the country from independence in 1975 until 2002. Despite extensive oil and gas resources, diamonds, hydroelectric potential, and rich agricultural land, Angola remains poor, and a third of the population relies on subsistence agriculture. When the 27-year civil war ended in 2002, the nation has worked to repair and improve ravaged infrastructure and weakened political and social institutions. Since 1998, high international oil prices and rising oil production contributed to the very strong economic growth , but due to corruption and public-sector mismanagement particularly in the oil sector accounts for over 50 percent of GDP, over 90 percent of export revenue, and over 80 percent of government
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