The Ivory Coast’s economy has benefited from government policies and structural reforms, which have resulted in strong inclusive growth, according to the World Bank. Strong economic activity has been maintained through a strong aggregate demand and increases in investment, both public and private.
Following in second place is Tanzania, with projected growth of just under 7% this year. Senegal completes the top three, with 6.6%. Countries from across Africa feature in the top 10, emphasizing the economic gains being felt around the continent.
As this map from the IMF highlights, compared with much of the developed world, economic growth is relatively high in Africa. GDP in many African countries is projected to grow by over 2% this year.Loading...
The fastest growing economies in Africa by GDP growth rate, as projected by IMF for 2016, are: Cote D’Ivoire (8.5%), Tanzania (6.9%), Senegal (6.6%), Djibouti (6.5%), Rwanda (6.3%), Kenya (6.0%), Mozambique (6.0%), Central African Republic (5.7%), Sierra Leone (5.3%) and Uganda (5.3%).
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.
The Forum will highlight the need for diversification in order to ensure inclusive economic growth. The Fourth Industrial Revolution has the potential to create new industries and help reduce inequality across the continent. By implementing reforms and establishing partnerships, African nations can take advantage of these rapid technological advances.