The top ten Africa fastest growing economies will surprise you. The recent fall of oil price all over the world- culminated by the global financial downturn has led to a shift in the economic situation of many countries of the world especially Africa.
Responding to request of few people about the growth rate and potentials of many Africa countries I decide to research on the fastest growing economies in Africa.
The findings of the research will shock you, as majorities of the big name-economy in Africa: Nigeria, South-Africa, Ghana, etc have a very slow growth rate for past few years due to number of reasons. We shall be focusing on the growth pattern of each of the economy rather than development indices of the countries.
An understanding of their growth rate will guide your educational and economical investment in the various countries. It is also of uttermost importance that you have the knowledge of their state of economy for your consumption purpose.
Top 10 Fastest Growing Economies in Africa
|Number||Country||GDP Growth Rate|
|8||Central African Republic||5.7%|
Abidjan – Côte d’Ivoire
Côte d’Ivoire is currently the fastest growing country in Africa. With an expected growth rate of 8.5 percent for 2016, Côte d’Ivoire will be the fastest growing economy in Africa, according to the International Monetary Fund’s latest World Economic Outlook.
According to the World Bank world economic outlook, Côte d’Ivoire’s economy has benefited from government sound policies and structural reforms, which have resulted in strong, inclusive growth and has increased both private and public investments in the country.
The country has enjoyed an average growth rate of 6.4% growth for past two years making her the fastest growing economy in Africa at large.
According to the report, Tanzania is the second fastest growing economy in Africa with a projected growth rate of just under 7 percent and Senegal completes the top three with 6.6 percent. Tanzania is set to benefit from increased investment, especially in the oil and gas industry and from large ongoing infrastructural developments that are set to make it a regional transport hub.
Senegal also growth are affected more by her economic policies especially in agriculture and infrastructural development. The country has equally one of the most favoured by multinational companies for past three years.
Countries like Djibouti, Rwanda, Kenya and Rwanda has a growth rate above 6% according to the report. Their growth rate according to the report were more driven by inflow of foreign direct investment (FDI) than state investment in the countries. The major driving sector of the growth is the service sector.
DR Congo expects a GDP growth of 4.9 percent, Cameroon; 4.9 percent, Ethiopia; 4.5 percent, Ghana; 4.5 percent and Republic of Congo; 4.4 percent. Madagascar, Zambia and Chad are expected to see a growth of 4.1 percent, 3.4 percent, 3.2 percent respectively.
Major oil exporters, Angola and Nigeria, hard hit by the slump in crude oil prices, are projected to see a growth rate of 2.5 and 2.3 percent respectively. Many keeps wondering and concerned about these countries, especially Nigeria which is the largest economy in Africa.
At 2.3 percent, Nigeria is expected to see its poorest GDP growth since the return of Democracy in 1999. This development has become a point of concern for the IMF, and the World Economic Forum (WEF).
The country is currently witnessing economic recession after the change of government since, May 29, 2015. Nigeria, Africa’s largest economy has moved from the first spot to the 15
The country is currently witnessing economic recession after the change of government since, May 29, 2015. Nigeria, Africa’s largest economy has moved from the first spot to the 15th in the continent within just two years.
The challenge in Africa is that high economic growth often witnessed has not been able to solve the many societal problems. Poverty and unemployment continue to rise, reduction in average life-span of the masses. The slowest is Chad, which is expected to record negative growth.
Poverty and unemployment continue to rise, reduction in average life-span of the masses. The slowest is Chad, which is expected to record negative growth.
The reason for this may not be farfetched as most of the growth in Africa economies has been happening in sectors that do not employ/affect the majority of the poor. For instance, in Tanzania, much of the growth has been happening in the communication and construction sectors which the majority of its people are employed in agriculture.
For instance, in Tanzania, much of the growth has been happening in the communication and construction sectors which the majority of its people are employed in agriculture.
For the rate of growth above to bring about poverty reduction, it is important that African countries prioritize agricultural transformation. The government should look inward and intensify effort in agricultural production- as well ensuring proper linkage between the various sector with agriculture.
The government of all Africa countries should also ensure equitable distribution of wealth in the country to increase her aggregate demand thereby increasing the flow of investment in the country – this way they can take advantage of their large population growth. Air your view and share with others .