Africa faced enormous economic obstacles in 2023, which had a substantial impact on the continent’s developmental trajectory. Global commodity price changes, political unrest, shifts in supply and demand, and general economic uncertainty made some countries on the continent vulnerable to outside shocks.
The difficulties presented by these complex dynamics highlighted the complexities and vulnerabilities present in the African economic environment at that time.
African currencies’ decline in value relative to other major currencies, especially the US dollar, became a major source of problems for trade balances, inflation rates, and consumer purchasing power.
Regardless, The International Monetary Fund (IMF) anticipates a resurgence in economic growth in 2024. Notably, the IMF predicts that six of the world’s top ten best-performing economies in 2024 will emerge from Sub-Saharan Africa.
Projections from the IMF indicate a moderate improvement in regional growth, expected to rise to 4% in 2024 from the 3.3% recorded in 2023. This optimistic forecast hints at a positive turn of events for Africa’s economy in 2024.
Here are the 10 African countries with the highest GDP growth forecast in 2024
Ivory Coast – 6.6% growth
Leading the pack is Ivory Coast, with an impressive GDP growth forecast of 6.6%. This West African nation has been consistently demonstrating economic resilience, fueled by a diverse economy comprising agriculture, services, and industry. Investment in infrastructure and government initiatives to attract foreign investments have contributed to Ivory Coast’s robust economic performance.
Ethiopia – 6.2% growth
Ethiopia, the second-ranking country on the list, is poised to experience a GDP growth of 6.2% in 2024. The East African nation has been gaining international attention for its ambitious development projects, including industrial parks and infrastructure improvements. Ethiopia’s focus on diversification and a growing population contributes to its strong economic prospects.
Tanzania – 6.1% growth
Tanzania secures the third spot with a GDP growth forecast of 6.1%. The country’s economic growth is propelled by its strategic geographic location, natural resource endowments, and recent economic reforms. Investments in sectors like tourism, mining, and agriculture contribute significantly to Tanzania’s economic expansion.
Uganda – 5.7% growth
Uganda follows closely with a projected GDP growth of 5.7%. The country’s economic growth is driven by a combination of factors, including a burgeoning population, a robust agricultural sector, and ongoing infrastructure developments. Uganda’s stability and favorable investment climate contribute to its positive economic outlook.
Kenya – 5.3% growth
Kenya, a key player in East Africa, secures the fifth position with a GDP growth forecast of 5.3%. The country’s diversified economy, technology innovation, and strategic geographic location contribute to its economic strength. Government initiatives such as the “Big Four Agenda” further support Kenya’s growth trajectory and the newly implemented Kenya Vision 2030.
Democratic Republic of the Congo (DRC) – 4.7% growth
The DRC, with a GDP growth forecast of 4.7%, reflects the potential of this vast and resource-rich nation. Despite challenges related to governance and infrastructure, the DRC’s wealth in natural resources, including minerals and agriculture, positions it for economic expansion with strategic investments and reforms.
Angola – 3.3% growth
Angola secures the seventh spot with a GDP growth forecast of 3.3%. The country’s oil-dependent economy has been diversifying into sectors like agriculture and mining. Ongoing economic reforms and efforts to improve the business environment contribute to Angola’s positive economic outlook.
Nigeria – 3.1% growth
Nigeria, the largest economy in Africa, is projected to experience a GDP growth of 3.1% in 2024. following a challenging period., Nigeria’s economic diversification efforts and reforms in sectors like agriculture and manufacturing contribute to its positive growth forecast.
Ghana – 2.7% growth
Ghana, known for its political stability and economic reforms, secures the ninth position 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
South Africa, despite facing economic challenges in recent years, is projected to experience a GDP growth of 1.8%. The country’s economic recovery is influenced by factors such as structural reforms, mining sector improvements, and efforts to attract foreign investments.
