- 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).
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
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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.
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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.
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| 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% |
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