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Top 10 African countries on the list of fastest-growing economies in 2024

Africa is poised for sustained economic expansion in 2024, building upon the positive momentum witnessed in previous years.
Top 10 African countries on the list of fastest-growing economies in 2024
Top 10 African countries on the list of fastest-growing economies in 2024
  • Business Insider Africa presents the top 10 African countries on the list of fastest-growing economies in 2024.
  • This list is courtesy of a report from the African Development Bank .
  • The report is titled Macroeconomic Performance and Outlook (MEO).

A new report by the African Development Bank titled Macroeconomic Performance and Outlook (MEO), which was released on Friday notes that African countries would dominate the list of fastest-growing economies in the world.

The report notes that over 50% of the top 20 countries on this list would come from Africa. “Africa will account for eleven of the world’s 20 fastest-growing economies in 2024,” the report states.

“Overall, real gross domestic product (GDP) growth for the continent is expected to average 3.8% and 4.2% in 2024 and 2025, respectively. This is higher than projected global averages of 2.9% and 3.2%,” it adds.

In addition to the current African Economic Outlook (AEO), which focuses on important emergent policy problems pertinent to the continent's growth, Africa's Macroeconomic Performance and Outlook is a biennial publication produced in the first and third quarters of each year.

See also: Top 10 African countries with the highest economic growth forecasts for 2024

“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, emphasizing the need for expanded financing and various policy interventions to enhance Africa's growth trajectory.

Even though Africa experienced a slow growth rate in 2023, the five regions of the continent's medium-term economic prospects are gradually getting better, according to the report

With that said here are the top 10 African countries on the list of fastest-growing economies in 2024.

RankCountryGrowth projection 2024
1.Niger11.2%
2.Senegal8.2%
3.Libya7.9%
4.Rwanda7.2%
5.Cote d’Ivoire6.8%
6.Ethiopia6.7%
7.Benin6.4%
8.Djibouti6.2%
9.Tanzania6.1%
10.Togo6%
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