The African Development Bank’s Macroeconomic Performance and Outlook (MEO) report, released on Friday, predicts that African countries will have the world’s fastest-growing economy.
According to the survey, African countries account for more than half of the top 20 on this list.”Africa will account for eleven of the world’s 20 fastest-growing economies in 2024,” according to the research.
“Overall, the continent’s real GDP growth rate is predicted to average 3.8% in 2024 and 4.2% in 2025. This is higher than predicted global averages of 2.9% and 3.2%, the report states.
In addition to the current African Economic Outlook (AEO), which focuses on major emerging policy issues affecting the continent’s economy, Africa’s Macroeconomic Performance and Outlook is a biennial publication released in the first and third quarters of each year.
READ ALSO: Top 10 African Countries With The Least Growth Projection for 2024
“Despite the challenging global and regional economic environment, 15 African countries have posted output expansions of more than 5%,” Dr. Akinwumi Adesina, President of the Bank Group, said. He emphasized the need for increased financing and policy interventions to enhance Africa’s growth trajectory.
Trending
Toni Townes-Whitley now One of Only Two Black Women Serving as Fortune 500 CEOs
Despite Africa’s modest growth rate in 2023, the continent’s five regions’ medium-term economic prospects are gradually improving, according to the analysis.
With that said, here are the top ten African countries with the fastest-growing economies in 2024.
Rank Country Growth projection 2024
- Niger 11.2%
- Senegal 8.2%
- Libya 7.9%
- Rwanda 7.2%
- Cote d’Ivoire 6.8%
- Ethiopia 6.7%
- Benin 6.4%
- Djibouti 6.2%
- Tanzania 6.1%
- Togo 6%
