ADVERTISEMENT

Top 10 African countries on the list of fastest-growing economies in 2024

Africa is poised for sustained economic expansion in 2024, building upon the positive momentum witnessed in previous years. The continent currently has one of the fastest-growing economy of any region off the heels of its young population and advancement in tech. Currently, only Asia has a faster developing economy than Africa.

Top 10 African countries on the list of fastest-growing economies in 2024
  • Business Insider Africa presents the top 10 African countries on the list of fastest-growing economies in 2024.
  • This list is courtesy of a report from the African Development Bank .
  • The report is titled Macroeconomic Performance and Outlook (MEO).

A new report by the African Development Bank titled Macroeconomic Performance and Outlook (MEO), which was released on Friday notes that African countries would dominate the list of fastest-growing economies in the world.

The report notes that over 50% of the top 20 countries on this list would come from Africa. “Africa will account for eleven of the world’s 20 fastest-growing economies in 2024,” the report states.

“Overall, real gross domestic product (GDP) growth for the continent is expected to average 3.8% and 4.2% in 2024 and 2025, respectively. This is higher than projected global averages of 2.9% and 3.2%,” it adds.

ADVERTISEMENT

In addition to the current African Economic Outlook (AEO), which focuses on important emergent policy problems pertinent to the continent's growth, Africa's Macroeconomic Performance and Outlook is a biennial publication produced in the first and third quarters of each year.

“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, emphasizing the need for expanded financing and various policy interventions to enhance Africa's growth trajectory.

Even though Africa experienced a slow growth rate in 2023, the five regions of the continent's medium-term economic prospects are gradually getting better, according to the report

With that said here are the top 10 African countries on the list of fastest-growing economies in 2024.

ADVERTISEMENT
Rank Country Growth projection 2024
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%

Enhance Your Pulse News Experience!

Get rewards worth up to $20 when selected to participate in our exclusive focus group. Your input will help us to make informed decisions that align with your needs and preferences.

I've got feedback!

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

These 5 countries are the world's worst cybercrime hotspots — Nigeria is one of them

These 5 countries are the world's worst cybercrime hotspots — Nigeria is one of them

IMF says inflation to further drop in 2024 -  Nigeria's situation remains dire

IMF says inflation to further drop in 2024 - Nigeria's situation remains dire

SHIB Coin Price Prediction: New milestone reached with SHIB whales now pocketing SHIB alternatives’ Dogeverse & Dogecoin20 as next 100x crypto

SHIB Coin Price Prediction: New milestone reached with SHIB whales now pocketing SHIB alternatives’ Dogeverse & Dogecoin20 as next 100x crypto

Top 5 Nigerian banks with the highest customer complaints in 2023

Top 5 Nigerian banks with the highest customer complaints in 2023

ABCON commends CBN's decision on non-oil export domiciliary accounts

ABCON commends CBN's decision on non-oil export domiciliary accounts

Ilori's appointment as CIIN president, beacon of hope for insurance industry

Ilori's appointment as CIIN president, beacon of hope for insurance industry

108MP camera in your pocket: itel launches new S24 smartphone in Nigeria

108MP camera in your pocket: itel launches new S24 smartphone in Nigeria

Xiaomi Fan Festival: Grab your favorites from April 1 - 30

Xiaomi Fan Festival: Grab your favorites from April 1 - 30

Air Peace denies abandoning passenger at Gatwick Airport

Air Peace denies abandoning passenger at Gatwick Airport

ADVERTISEMENT
ADVERTISEMENT