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Welcome to Global Economy |
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The Impact of the Global Economy on the AUIn recent years, a number of nations in the world have come together in “unions” in part to better their position in the global economy. In this regard, two major “unifications” that have occurred in the world in more recent times are the European Union and the African Union. These unions have impacted the global economy and the global economy has had a direct impact on these unions, particularly the EU and the AU. Through this article, the impact of the global economy on the AU is considered and discussed. The AU can be defined as follows: The African Union, or AU, is an organization which consists of 53 African states. It was established in 2001, and the AU was formed to be a successor to the AEC or Amalgamated African Economic Community and the OAU or Organization of African Unity. The AU aims to eventually have a single monetary system and single integrated defense force. In addition, it aims to integrate other institutions of state, such as a cabinet for the African Union Head of State. The goal of the AU is to secure Africa's democracy and human rights, as well as a sustainable economy, particularly by bringing to an end the intra-African conflicts and helping create an effective common market. With the advent of the AU, a growing number of companies that have had an effect on the global economy have become more heavily involved in Africa. Part of this is the natural result of the fact that these companies are naturally expanding around the globe. However, some of these companies have specifically been courted to establish operations of one sort or another within the African continent. Of course, as has been mentioned, one of the goals of the AU has been to attract business onto the continent. With that said, despite what has been noted previously, there are particular areas on the African continent that are attracting the lion's share of international business investment. However, and again, the AU is working to broaden the scope of international investment in all areas of the African continent. Most experts who analyze the global economy do maintain generally that with continued investment into Africa, the AU will reap more benefits from the overall global economy. Moreover, in time, the AU will be in a better position to play a larger role in the overall global economy in the future as a result of the beefed up investment in that region. Finally, before the AU will be able to play a more significant role in the global economy, it will be necessary for a greater degree of political security to be established on the continent. There remains a great deal of upheaval in certain areas of Africa today that effect the overall ability of the AU to play an even larger role on the international stage and in the global economy. |
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