3. South Africa
Nominal GDP: 266.213 billion
South Africa without any doubt deserves to be highly ranked when it comes to most economically developed countries in Africa, and reasons for that are numerous. The most important aspects are definitely well-functioning institutions which strive to protect intellectual and private property, with a largely developed legal framework and highly developed private institutions. The annual GDP growth rate is 1.3%, but the biggest problem actually is the decline in the global economy, which affects South Africa quite negatively. On the other side, the unemployment is still the biggest issue, but overall, this country has great prospects to become the leading country in Africa.
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