African countries among world’s largest economies in 2075

Gross Domestic Product (GDP) is a crucial indicator of a country’s economic health, which represents the total value of goods and services produced over a specific period.

Globally, countries look for ways to boost their economies and create sustained development. They do this by encouraging new ideas, investing in infrastructure, improving trade relationships, and putting smart economic policies in place.

Despite these efforts, economies often face some challenges that can impede growth. Political instability, high inflation, currency devaluation, and global crises such as the COVID-19 pandemic have caused substantial economic disruptions over the years.

However, history has shown that economies can be remarkably resilient. For instance, the pandemic caused widespread economic downturns, but many countries have rebounded through economic stimulus packages and strategic reforms.

This resilience is also evident in Africa, where emerging markets are striving to overcome economic barriers and become major global players.

A report by Goldman Sachs provides fascinating economic projections for the year 2075. One notable prediction is that the United States will no longer be among the two largest economies in the world, largely due to lower population growth rates.

Commendably, some African economies are projected to be among the top spots. These countries can leverage their youthful populations and natural resources to drive economic growth.

Below is a list of African countries among the world’s largest economies in 2075:

Nigeria is one of the countries with the highest population growth rates in the world and boasts one of the largest economies in Africa. However, last year, it ceded its position as Africa’s largest economy. According to projections from the International Monetary Fund (IMF), Nigeria is expected to fall to fourth place this year.

With proper implementation of new policies such as the removal of fuel subsidies, and floating of the naira, Nigeria has a bright prospect of becoming one of the largest economies by 2075.

Egypt’s economy is one of the most diversified in the Middle East and North Africa region, with sectors such as tourism, agriculture, manufacturing, and services contributing significantly to its GDP. However, the economy faces several challenges.

To become one of the biggest economies in the world by 2075, Egypt will need proper institutions and policies and a big increase in stability.

Ethiopia’s economy is one of the fastest-growing in Africa. However, the country faces challenges, including political instability, ethnic conflicts, and the impacts of climate change.

The country is one of the emerging world’s most indebted countries and the IMF’s second-biggest borrower after Argentina. However, the potential for growth in the country is huge, with the next decade likely defining how much Ethiopia can expect to progress in the next half-century.

The economy of South Africa is a mixed economy, emerging market, and upper-middle-income economy, one of only eight such countries in Africa. The economy is the most industrialized, technologically advanced, and diversified economy in Africa.

While power cuts have impacted South Africa’s economy, it has beaten forecasts in Q2 2023 to become Africa’s largest economy.