5. Â Morocco
Morocco is located in North Africa’s Maghreb region. The country possesses both Mediterranean and Atlantic coastlines and a population of over 33.8 million. Rabat is the country’s capital, and Casablanca is its biggest city.
Morocco has a relatively liberal economy where the law of supply and demand governs the changes in policies. The country is the 5th richest African country and a major player in the economic affairs of the country. The services sector is the biggest contributor to Morocco’s economy and accounts for more than half of the GDP. Major industries active in the country include construction, mining, and manufacture. Tourism is another successful industry operating in Morocco. Telecoms, textile, and information technology are also doing well.
4. Â Algeria
A North African country, Algeria is located on the Mediterranean coast and is bordered by Tunisia, Libya, Morocco, Western Sahara, Mauritania, Mali, and Niger. Algiers is the capital and biggest city of the country. It is the largest country in Africa and the 10th largest in the world. 48 provinces and 1,541 communes comprise Algeria.
World Bank classifies Algeria as an upper middle income nation. Dinar is the currency of the country. Though Algeria is the third richest African country, its economy is not devoid of problems. The economy is primarily dependent on the energy industry. Little success has been achieved by the government in an attempt to diversify the economy of the country. High rates of youth unemployment, income inequality, and housing shortages exist in the nation.
3. Â South Africa
South Africa, the southernmost country of the continent, is bordered by Namibia, Zimbabwe, Botswana, Swaziland, Lesotho, and Mozambique. The country has a mixed type of economy and has a relatively high GDP compared to other African countries. Despite this fact, South Africa has high rates of unemployment, poverty, and a wide gap between the rich and the poor. South Africa is enlisted among the top 10 countries in the world for income inequality. The economic disparity among South Africa’s population is primarily a result of the apartheid regime in the country which ended in 1994. Gradual improvements in the country’s economy have occurred since then. Tourism is one of the biggest revenue generating industries in South Africa. Germany, US, Japan, and China are the biggest trade partners of South Africa outside of Africa.