Africa, like the rest of the world, faced severe economic challenges that impacted the continent’s development and growth last year. Despite these challenges, projections for 2024 offer a more optimistic outlook for the continent.
The fluctuations in global commodity prices, significant political events, climate change impacts, and overall economic uncertainties made many African countries vulnerable to external shocks last year.
For instance, countries such as Nigeria, Kenya, and Zambia experienced huge currency devaluations, with their currencies dropping by double-digit percentages. Additionally, many nations struggled with heavy debt burdens, leading to defaults in countries like Ghana, Zambia, and Ethiopia.
Despite these challenges, projections for 2024 offer a more optimistic outlook for the continent.
The International Monetary Fund (IMF) also shares this positive sentiment, predicting that six of the top 10 performing economies worldwide in 2024 will be from Sub-Saharan Africa.
For the Gross Domestic Product (GDP) growth rates on the continent in 2024, Niger is estimated to experience a substantial increase in its real GDP, projected at 10.4% compared to the previous year.
Between 2025 and 2029, it is expected to grow annually by roughly six per cent. Notably, the GDPs of Senegal, Libya, and Rwanda might increase by around 8.3 per cent, 7.8 per cent, and 6.9 per cent during 2024, respectively.
Below are the top 10 African countries with the highest GDP growth rate in 2024:
| Rank | Country | GDP Growth Rate |
|---|---|---|
|
1 |
Niger |
10.4% |
|
2 |
Senegal |
8.3% |
|
3 |
Libya |
7.8% |
|
4 |
Rwanda |
6.9% |
|
5 |
Côte d’Ivoire |
6.5% |
|
6 |
Djibouti |
6.5% |
|
7 |
Gambia |
6.2% |
|
8 |
Ethiopia |
6.2% |
|
9 |
Benin |
6% |
|
10 |
South Sudan |
5.6% |
