African Union - Economy

Economy

The combined states of the African Union constitute a nominal GDP of US$1.627 trillion dollars. By measuring GDP by PPP, the African Union's economy totals $2.849 trillion, ranking it 6th after Germany.

The AU's future goals include the creation of a free trade area, a customs union, a single market, a central bank, and a common currency (see African Monetary Union), thereby establishing economic and monetary union. The current plan is to establish an African Economic Community with a single currency by 2023.

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Famous quotes containing the word economy:

    I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.
    Calvin Coolidge (1872–1933)

    Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.
    Henry David Thoreau (1817–1862)