Top 10 African countries with the highest economic forecast mid-2024

According to the June 2024 Global Economic Prospects report, by the World Bank, countries considered to be developing economies are expected on average to experience a 4% increase in economic growth between 2024 and 2025.

Growth in low-income economies is predicted to rise to 5% in 2024, up from 3.8% in 2023.

However, growth predictions for 2024 have been downgraded in three of the four low-income economies since January.

In a nutshell growth is expected to pick up across the Middle East and North Africa, as well as Sub-Saharan Africa, though rather slowly than previously predicted.

The report notes that this growth particularly in Sub-Saharan Africa (SSA) would be fueled by a pick up in domestic demand.

In North Africa, the growth is projected to be accelerated off the heels of its oil production. This growth is expected for countries under the MENA region.

Sub-Saharan Africa’s (SSA) growth rate slowed to 3 percent in 2023. Three of some of the continent’s largest economies; Angola, Nigeria, and South Africa continued to expand at a slow pace, limiting overall growth.

Earlier in 2024, private sector activity increased alongside a growing global economy.

At the same time, several of the region’s economies continue to suffer with poor government balance sheets, which are caused in part by inadequate revenue collection and high debt-service costs, while others must deal with the negative consequences of currency devaluation.

Nevertheless, the continent’s overall economic outlook for 2024, is better than what it experienced last year according to the World Bank’s revised report.