According to the African Development Bank’s most recent study, Macroeconomic Performance and Outlook (MEO), which was published on Friday, the continent’s nations will account for the majority of the world’s fastest-growing economies.
According to the survey, more than half of the top 20 nations on this list are in Africa.
According to the analysis, “eleven of the world’s twenty fastest-growing economies in 2024 will be found in Africa.”In general, the continent’s real gross domestic product (GDP) growth is anticipated to average 3.8% in 2024 and 4.2% in 2025. This surpasses the estimated worldwide averages of 2.9% and 3.2%,” it continues.
Africa’s Macroeconomic Performance and Outlook, published biennially in the first and third quarters of each year, is a supplement to the current African Economic Outlook (AEO), which focuses on significant emerging policy issues relevant to the continent’s growth.
The President of the Bank Group, Dr. Akinwumi Adesina, stated, “15 African countries have posted output expansions of more than 5% despite the challenging global and regional economic environment.”
She emphasized the need for increased financing and a variety of policy interventions to enhance Africa’s growth trajectory.The paper states that although Africa’s growth rate was slow in 2023, the medium-term economic prospects of the continent’s five regions are improving over time.
Having said that, the top 10 African nations with the quickest rates of growth are shown below:
1. Niger 11.2%
2. Senegal 8.2%
3. Libya 7.9%
4. Rwanda 7.2%
5. Cote d’Ivoire 6.8%
6. Ethiopia 6.7%
7. Benin 6.4%
8. Djibouti 6.2%
9. Tanzania 6.1%
10. Togo 6%
