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GDP growth forecasts 2024 : Africa’s Top 10 countries

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GDP growth forecasts 2024 : Africa’s Top 10 countries

In 2024, the African economic landscape is poised to exhibit intriguing dynamics. Particularly notable are the economies of Côte d’Ivoire, Ethiopia, and Tanzania, which are expected to shine with growth forecasts of 6.6 %, 6.2 %, and 6.1 %, respectively. These optimistic projections signal a promising upturn for the African economy in the year ahead.

Africa’s highest GDP growth forecasts for 2024

Côte d’Ivoire : 6.6 % growth forecast

Côte d’Ivoire takes the lead with a remarkable GDP growth forecast of 6.6 %. This West African nation showcases unwavering economic resilience, underpinned by a diversified economic landscape encompassing agriculture, services, and industry. Notably, strategic investments in infrastructure and proactive government measures to attract foreign investment are pivotal factors driving Côte d’Ivoire’s robust economic trajectory.

Ethiopia : 6.2 % growth forecast

Ethiopia, ranking second on the list, is set to achieve a notable GDP growth of 6.2 % in 2024. Positioned in East Africa, the country is garnering global attention for its ambitious development initiatives, which encompass industrial parks and significant infrastructure enhancements. Ethiopia’s strategic emphasis on diversification, coupled with its burgeoning population, plays a pivotal role in bolstering its robust economic prospects.

Tanzania : 6.1 % growth forecast

Tanzania secures the third spot with a projected GDP growth of 6.1 %. The country’s economic ascent is propelled by its advantageous geographic positioning, abundant natural resources, and recent economic reforms. Notably, investments in key sectors such as tourism, mining, and agriculture are playing a pivotal role in driving Tanzania’s notable economic expansion.

Uganda : 5.7 % growth forecast

Uganda follows closely with a projected GDP growth of 5.7 %. The country’s economic advancement is propelled by a confluence of factors, including a thriving population, a resilient agricultural sector, and continuous infrastructure development efforts. Uganda’s stability and conducive investment environment further bolster its positive economic outlook.

Kenya : 5.3 % growth forecast

Kenya, a prominent figure in East Africa, holds the fifth position with a GDP growth forecast of 5.3 %. The country’s economic resilience is underpinned by its diversified economy, marked by technological innovation and a strategically advantageous geographic location. Government-driven initiatives like the Big 4 Agenda, aligned with the new Kenya Vision 2030, play a pivotal role in reinforcing Kenya’s growth trajectory.

Democratic Republic of Congo : 4.7 % growth forecast

The Democratic Republic of Congo (DRC) anticipates a GDP growth forecast of 4.7 %, highlighting the immense potential of this vast and resource-rich nation. Despite facing governance and infrastructure hurdles, the DRC’s abundance of natural resources, notably in mining and agriculture, primes it for economic advancement through targeted investment and reform efforts.

Angola : 3.3 % growth forecast

Angola secures the seventh position with a GDP growth forecast of 3.3 %. Traditionally reliant on oil, the country has taken strides to diversify its economy into sectors like agriculture and mining. Ongoing economic reforms and initiatives aimed at enhancing the business environment are pivotal in shaping Angola’s optimistic economic prospects.

Nigeria : 3.1 % growth forecast

Nigeria, renowned as Africa’s largest economy, is poised to attain a GDP growth of 3.1 % in 2024. Following a challenging period, Nigeria’s strategic endeavors towards economic diversification and reforms in key sectors like agriculture and manufacturing are playing a pivotal role in fueling its promising growth projections.

Ghana : 2.7 % growth forecast

Ghana, known for its political stability and economic reforms, is in ninth place with a GDP growth forecast of 2.7 %. The country’s focus on industrialization, technology and sustainable development positions it for continued economic growth.

South Africa : 1.8 % growth forecast

Despite recent economic challenges, South Africa anticipates a GDP growth of 1.8 %. The country’s economic revival is attributed to various factors, including structural reforms, advancements in the mining sector, and initiatives aimed at attracting foreign investment.

Comparison of GDP/capita 2024 versus 2023

Analyzing GDP per capita in relation to 2023 offers valuable insights into the wealth distribution among nations, considering population size and providing a gauge of the average standard of living.

According to the GDP ranking of African countries in 2023, Seychelles leads the pack with a remarkable GDP per capita of 39,662 USD, showcasing the economic potential inherent in small island economies. Following closely, Mauritius secures the second position with a GDP per capita of 29,164 USD.

However, when considering purchasing power parity (PPP) GDP per capita, several West African countries could potentially join the top 10 rankings. Additionally, Cape Verde’s outstanding economic performance is noteworthy, with the World Bank projecting it to emerge as one of the wealthiest countries in terms of GDP per capita by 2024.

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