The African Development Bank’s Macroeconomic Performance and Outlook (MEO) report, released on Friday, predicts that African countries will have the world’s fastest-growing economy.
According to the survey, African countries account for more than half of the top 20 on this list.”Africa will account for eleven of the world’s 20 fastest-growing economies in 2024,” according to the research.
“Overall, the continent’s real GDP growth rate is predicted to average 3.8% in 2024 and 4.2% in 2025. This is higher than predicted global averages of 2.9% and 3.2%, the report states.
In addition to the current African Economic Outlook (AEO), which focuses on major emerging policy issues affecting the continent’s economy, Africa’s Macroeconomic Performance and Outlook is a biennial publication released in the first and third quarters of each year.
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“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. He emphasized the need for increased financing and policy interventions to enhance Africa’s growth trajectory.
Despite Africa’s modest growth rate in 2023, the continent’s five regions’ medium-term economic prospects are gradually improving, according to the analysis.
With that said, here are the top ten African countries with the fastest-growing economies in 2024.
| 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% |