Here are 9 of the fastest-growing economies in Africa 2024

The International Monetary Fund’s (IMF) April 2024 World Economic Outlook reveals an exciting trend: Africa is home to nine of the world’s 20 fastest-growing economies. These nations are leveraging a mix of resource wealth, infrastructure projects, and policy reforms to boost their growth.

According to the International Monetary Fund’s (IMF) April 2024 World Economic Outlook, Here are 9 of the fastest-growing economies worldwide in 2024

1. Niger – 10.4% GDP Growth

The key factor driving Niger leads Africa’s growth is Oil Pipeline & Export, due to the completion of the 1,982-kilometer Niger-Benin pipeline. The pipeline positions Niger as a significant oil exporter, with the sector expected to contribute to the GDP. Despite facing political instability in 2023, this infrastructure project bolsters its economic prospects.

2. Senegal – 8.3% GDP Growth

With discoveries of over 40 trillion cubic feet of natural gas, Senegal’s hydrocarbons sector is driving its growth. Projects like the GTA (Greater Tortue Ahmeyim) gas field development are pivotal. Political stability will remain crucial to fully harness this potential.

3. Libya – 7.8% GDP Growth

Libya’s growth is underpinned by recovering oil production, which remains its economic backbone. While the hydrocarbon sector thrives, diversification and stabilization efforts are needed for long-term sustainability.

4. Rwanda – 6.9% GDP Growth

Rwanda’s strategic investments in Innovation and Tourism, like technology, tourism, and sustainable development have positioned it as a model for economic resilience in Africa. Foreign investment and green initiatives continue to enhance its economic stability.

5. Côte d’Ivoire – 6.5% GDP Growth

Côte d’Ivoire’s economy benefits from being a leading global exporter of Agricultural Exports & Industrialization like cocoa and cashew nuts. The country is investing heavily in infrastructure and industrial production, diversifying its growth base.

6. Djibouti – 6.5% GDP Growth

Djibouti leverages its location at the crossroads of major global trade routes. Infrastructure development in ports and logistics supports its role as a regional trade hub. However, long-term success will depend on diversification into other economic sectors.

7. Ethiopia – 6.2% GDP Growth

Ethiopia’s robust agricultural sector, coupled with growing investments in manufacturing, drives its growth. Infrastructure projects, supported by the African Continental Free Trade Area (AfCFTA), are enhancing trade potential.

8. The Gambia – 6.2% GDP Growth

Tourism remains a cornerstone of The Gambia’s economy, alongside agricultural exports. Investments in infrastructure and regional trade agreements are key to sustaining this growth.

9. Benin – 6.0% GDP Growth

The Niger-Benin pipeline significantly boosts Benin’s economic prospects, complementing its agricultural exports. Infrastructure projects are strengthening its trade potential within West Africa.