Top 10 Fastest Growing Economies In Africa, 2018
Africa’s economy is projected to continue to rise to 3.2 percent in 2018 and to a further 3.5 in 2019, this is according to the latest World Bank report released early 2018.
As forecasted by the World Bank, these are the top 10 fastest growing economies in Africa 2018
Niger’s economic growth, which was estimated at 5.2 percent in 2017, was driven largely by the secondary sector, particularly oil. In 2018, growth is projected to be 5.2 percent.
Small and landlocked, Rwanda has a population of about 11.9 million people (2016). Rwanda’s economic growth is predicted to be 5.9 percent in 2018. Between 2001 and 2015, real GDP growth averaged at about 8 percent per annum.
This year, Benin’s economy showed promise. This can be attributed to the ‘Revealing Benin’ programme which acts simultaneously in institutional, economic and social areas.
Benin’s economy relies heavily on its agriculture and its informal re-export and transit trade to Nigeria, which makes up roughly 20 percent of GDP. The economy in the country is projected to see a 6 percent growth in 2018.
7. Burkina Faso
According to the World Bank, Burkina Faso continued to improve its external position in 2016, with a current account [deficit] of 6.8 percent of GDP, compared to 8 percent in 2015. The country’s economic growth is projected to be 6 percent in 2018.
6. Sierra Leone
Sierra Leone’s economic growth slowed to 4.3 percent in 2017 from 6.3 percent in 2016. Despite all of that, this West African country on the Atlantic Ocean is expected to expand by 6.3 percent in 2018. Total domestic revenue was 3 percent short of its 2017 target of 3.4 trillion, increasing only slightly to 12.3 percent of gross domestic product (GDP) from 11.9 percent of GDP in 2016.
In the last decade, Tanzania has seen a relatively high economic growth, averaging 6–7 percent. With an overall population of about 55 million in 2016, the East African country has seen a decline in poverty. Although the real gross domestic product (GDP) growth rate slowed in 2017, in 2018 economic growth is expected to hover around 6.8 percent.
In 2016, Senegal was termed by the World Bank as the second fastest growing economy in Africa, further validated with this past year’s economic growth. In its third quarter in 2017, Senegal’s economy grew at a rate of 7.1 percent, its strongest since the last quarter of 2015, when it was at an all-time high. The World Bank has also predicted a growth of 6.9 percent for 2018.
3. Côte d’Ivoire
The country’s annual growth estimates hovered around 8 percent in 2017. The West African country remains among the fastest on the African continent. Côte d’Ivoire is forecast to expand by 7.2 percent in 2018.
Ghana has the second fastest growing economy in Africa; the country saw an improved performance in 2017 after a difficult 2016. The West African country is projected to see an 8.3 percent growth in 2018. According to the 3rd edition of the Ghana Economic Update, the service sector bounced back, and the fiscal consolidation is paying off. The inflation rate is also down to just 10 percent. In January, Ghana’s benchmark stock index achieved the world’s highest rate of growth at 19 percent.
Ethiopia’s economy (fastest growing economy in Africa) is growing at 10 percent a year and is expected to double within the next seven years. According to the World Bank, this means that by 2025, it will have grown to a middle-income nation. The East African country has the highest growing economy and it is predicted to grow by 8.2 percent this year.