Top 10 African Countries With Highest GDP: 2023 IMF Forecast
© AP Photo / Richard DrewJumia co-CEO Sacha Poignonnec, left, applauds as Jumia Nigeria CEO Juliet Anammah, center, rings a ceremonial bell when the company's stock begins trading, on the floor of the New York Stock Exchange, Friday, April 12, 2019.
© AP Photo / Richard Drew
According to the UN, Africa's growing population and consumer markets offer new business opportunities and make the region strategically important for diversified supply chains.
Mozambique, the Democratic Republic of Congo, Cote d'Ivoire and Rwanda occupy the podium of the top ten African countries expected to have the highest GDP on the continent by the end of 2023, according to a ranking by Business Insider Africa, based on data from the International Monetary Fund (IMF).
According to the IMF's reference scenario, published at the end of October, the GDP of these countries should reach 7%, 6.7% and 6.2% respectively. They are followed by Ethiopia (6.1%), Guinea (5.9%) and Gambia (5.6%). Rounding out the ranking are Benin (5.5%), Togo (5.4%) and Tanzania (5.2%).
The organization explained that inflation continues to fall as central banks continue to pursue restrictive policies. However, this does not take into account a decline in real global GDP per capita, which often occurs during global recessions.
Economic growth and employment remained stronger in the first half of the year compared to the April 2023 World Economic Outlook. These forecasts are particularly important for the continent as they provide crucial insights into its overall development path, growth prospects, and economic well-being, Business Insider Africa explained.
Top 10 African Countries With Highest GDP Forecast 2023
Democratic Republic of the Congo