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In Africa, 6 of the 10 countries with the highest economic growth in the world

2024-01-19 13:33:55Lifestyle SHKRUAR NGA REDAKSIA VOX

In Africa, 6 of the 10 countries with the highest economic growth in the world

Despite the economic problems that plague Africa, mired in poverty and inequality, there are signs that point to a brighter future for the Black Continent. According to the IMF, six of the ten fastest growing economies in the world will come from sub-Saharan Africa this year. These are small countries, so despite their high growth rates, they are not enough to offset the poor performance of much larger countries like South Africa and Nigeria, which together account for about 2/ 5 of Africa's $2 trillion economy. However, collectively they manage to give a note of optimism to the overall image of the Black Continent.

As local experts point out, Africa's prospects are improving significantly as 'eight of the ten largest African economies representing 40% of the continent's GDP are set to register an average growth rate of 5%. Among them are Ivory Coast and Tanzania, which have growth rates of 6.6% and 6.1% respectively, but have succeeded mainly in diversifying their economies to attract foreign investment. Thanks mainly to these two economies, the IMF estimates that Africa's growth rate as a whole will show a slight improvement this year, reaching 4% from 3.3% last year.

At the same time, Africa's two largest low-growth economies, Nigeria and South Africa, have adopted reform packages that are expected to bear fruit in the medium term and boost their economies.

Specifically for Nigeria, the IMF predicts that its economy will grow by about 3% both this year and next year, while for South Africa it predicts growth of 1.8% and 1.6% for the current year and next year. The forecast for South Africa is clearly low, but still better than the IMF's previous estimate of just 0.9% growth.

In Nigeria and South Africa, which are experiencing low growth, it is estimated that in the medium term the reforms they have adopted will bear fruit. Indeed, Nigeria has adopted a package of reforms focused on easing exchange rate policy and removing costly fuel subsidies.

For its part, South Africa, affected by the energy crisis, is adopting policies that will stimulate the production and supply of electricity, and these policies are expected to continue. And all this despite the political uncertainty surrounding the country since 2024 is an election year. They will take place in April or May and the ruling African National Congress loses its majority in Parliament. However, it is expected to remain the largest party and regardless of the election result, roughly the same policy will continue.


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