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Economic growth in the early 2020s According to 2024 estimates by the African Development Bank Group, African countries are projected to account for more than half of the world fastest growing economies; in particular, Niger, Senegal, Libya and Rwanda are expected to grow at the fastest rate of over 7% per year. Estimates of Real Gross Domestic Product (GDP) growth rate in 2023 show that most ...
The figures are from the International Monetary Fund (IMF) World Economic Outlook Database, unless otherwise specified. [ 1 ] This list is not to be confused with the list of countries by real GDP per capita growth , which is the percentage change of GDP per person recalculated according to the changing number of the population of the country.
Countries in Africa are sorted according to data from the International Monetary Fund. [1] The figures presented here do not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency. [2]
If you want to see more of the fastest growing economies in Africa, go directly to the 5 Fastest Growing Economies in Africa. Africa’s economy started recovering in 2021 following the disastrous ...
Africa is seen by Chinese businessmen as 900 million potential customers in a fast-growing market. [22] Perhaps more importantly, African societies are far from market saturation, like their Western counterparts. Thus, in Africa, China finds not only an ample supply of potential new customers but far less competition from other nations.
For decades since China re-opened to the world in 1978, it was one of the fastest growing major economies on Earth. Between 1991 and 2011, it grew by 10.5% annually.
While the IMF projects the Philippines's economic growth to slow down to 5.5% in the years following 2014, this country's still on pace to emerge as a top player in fast-growing Asia.
Senegal is the second fastest growing economy in West Africa and the fourth fastest in Sub-Saharan Africa as a whole. This growth has been propelled by Senegalese government's involvement in specific sectors such as groundnuts, rice and horticultural goods. [ 11 ]