African countries are predicted to dominate the world’s top 10 highest growing economies in 2024.
According to a report released on Monday on ‘Recent Economic and Social Developments in Africa” by the Economic Commission for Africa (ECA) the most notable growth drivers in Africa in 2024 will be Niger, Senegal, Ivory Coast, DRC and Rwanda.
Adam Elhiraika, Director, Macroeconomics and Governance Division at ECA said Africa was the fastest growing region after East and South Asia in the developing world in 2023, and Africa will continue this trend in 2024 and 2025.
The report said that Niger and Senegal are expected to experience significant economic growth due to the increase in hydrocarbon production and exports.
Growth in Niger will be fueled by the revival of agricultural production – although it is vulnerable to unfavorable weather conditions – and a rise in crude oil production, which will have a beneficial impact on the transportation sector. However, recent military coups in, together with sanctions from regional blocs, have disrupted economic activity and incurred significant social costs.
The growth in Senegal will be driven by rising private and infrastructure projects, however, residents in up to 15 African nations are participating in elections this year, including the recently concluded presidential elections in Senegal, which could impact the short-term growth and development.
“Ivory Coast, DRC and Rwanda – The robust expansion in these nations is attributed to an increase in infrastructure investment, continuous development in tourism, good performance of the mining industry, and advantages of economic diversification,” said Mr. Elhiraika.
Growth in the DRC will be fueled by the extractive sector due to the opening of new oilfields, as well as by agriculture, services, and mining, in accordance with the national strategy to boost social and investment expenditures.
Rwanda’s growth will be fueled by private consumption and investment, while Ivory Coast’s growth is driven by increased investment stemming from pro-competitive market reforms and business environment improvements in the National Development Plan, alongside private consumption influenced by decreasing inflation.
MG/as/APA