Economic Integration in Africa: Specifics and Problems in Terms of Globalization

Abstract

AbstractEconomic integration in Africa has gone a long way. Its basis in terms of globalization is both regional and pan-African economic integration. However, the theoretical fundamentals for studying economic integration in Africa have not yet been formed.The relevance of the research topic is stipulated by both high significance of economic integration in Africa for its countries socio-economic progress as well as the development of the theory of economic integration with reference to its characteristics in Africa.The purpose of the publication is to identify the main features and directions of economic integration on the African continent in terms of globalization.The novelty of the publication consists in the study of the readiness of African countries to developing cross-country economic integration at the regional and continental levels and systematization of its modern features.As a result of the study it has been highlighted hat countries and integration blocs in Africa face the need to increase integration cooperation so as to gain new opportunities to participate in international labor division, diversify their economic systems and foreign trade, and achieve long-term sustainable development. It is also established that Africa has in many respects "its own way" of integration, the essence of which is to develop both regional and continental integration cooperation. The authors come to the conclusion that economic integration can contribute to addressing these and other challenges. The research used methods of analysis and synthesis, scientific abstraction, statistical and deductive methods.KeywordsInternational Economic IntegrationAfricaPolitical integrationGlobalizationJEL CodeF12