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Seven of Predicted Top Ten Best Performing Countries in 2024 Are African, IMF Reveals
Seven of Predicted Top Ten Best Performing Countries in 2024 Are African, IMF Reveals
Sputnik Africa
Real Gross Domestic Product (GDP) is an inflation-adjusted statistic that represents the total value of all goods and services produced by an economy in a... 09.01.2024, Sputnik Africa
2024-01-09T16:42+0100
2024-01-09T16:42+0100
2024-01-09T16:42+0100
economy
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Seven of the predicted top ten best-performing countries in 2024 are African, six of them from the sub-Saharan part of the continent, according to data from the International Monetary Fund (IMF).The IMF predicted what real GDP growth will be in different countries around the world next year.The top ten consist of the following countries (the country and its real GDP growth are indicated):African countries ranked from 4th to 10th, with Burkina Faso tied for 10th place with India.It is noteworthy that in post-coup Niger growth is expected to be 11.1%, placing the country in 4th place, despite the harsh punitive measures imposed on the country by the Economic Community of West African States (ECOWAS) following the coup.Following the July coup, ECOWAS imposed sanctions on Niger, including the cessation of all collaboration, a ban on food and medication imports, and a cutoff of electricity. It also threatened an invasion if the rebels did not reinstate ousted president Mohamed Bazoum.Ali Lamine Zeine, the prime minister of Niger, described these punitive actions as "inhumane" and "unjust." Furthermore, several humanitarian organizations and the United Nations urged ECOWAS to grant exemptions from the sanctions, saying they posed a grave risk to the health and well-being of the population.Apart from that, the continent's economic giants, South Africa and Nigeria, are predicted to have relatively modest growth rates in the coming year. The IMF projects that Nigeria's economy will grow by 3.1% annually from 2024 to 2028, while South Africa is anticipated to grow by 1.8% this year, 1.6% in 2025, and 1.4% over the next three years. Additionally, South Africa's real GDP growth was only 0.9% in 2023.In general, Africa as a region is predicted to grow by 3.8%, and the sub-Saharan part is predicted to grow slightly higher — up to 3.9%.The African continent also dominates the forecasts for 2028. For example, Mozambique is expected to rank second in terms of real GDP growth, with an indicator of 12.1% (more than double the 5% growth forecast for this year). The "bronze medal" will be shared by Rwanda and Liberia, with an indicator of 7.3%.In general, the IMF rating for 2028 is as follows:As for Africa in general and sub-Saharan Africa in particular, the former is projected to grow by 4.4% and the latter by 4.3% in 2028. This is about 2.5 times higher than the projected figure for the G7 countries.
https://en.sputniknews.africa/20231215/top-10-african-cities-with-highest-proportion-of-business-founders-1064135168.html
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Seven of Predicted Top Ten Best Performing Countries in 2024 Are African, IMF Reveals
Real Gross Domestic Product (GDP) is an inflation-adjusted statistic that represents the total value of all goods and services produced by an economy in a given year. In essence, real GDP quantifies a nation's total economic output, taking into account fluctuations in prices.
Seven of the predicted top ten best-performing countries in 2024 are African, six of them from the sub-Saharan part of the continent, according to
data from the International Monetary Fund (IMF).
The
IMF predicted what real GDP growth will be in different countries around the world next year.
The top ten consist of the following countries (the country and its real GDP growth are indicated):
1.
Macao SAR (China) – 27.2%;
African countries ranked from 4th to 10th, with Burkina Faso tied for 10th place with India.
It is noteworthy that in post-coup Niger growth is expected to be
11.1%, placing the country in 4th place, despite the harsh
punitive measures imposed on the country by the Economic Community of West African States (ECOWAS) following the coup.
Following the July coup, ECOWAS imposed sanctions on Niger, including the cessation of all collaboration, a ban on
food and medication imports, and a cutoff of electricity. It also threatened an invasion if the rebels did not reinstate ousted president Mohamed Bazoum.
Ali Lamine Zeine, the prime minister of Niger,
described these punitive actions as "inhumane" and "unjust." Furthermore, several humanitarian organizations and the United Nations urged ECOWAS to grant exemptions from the sanctions, saying they posed a grave risk to the health and well-being of the population.
Apart from that, the continent's economic giants,
South Africa and Nigeria, are predicted to have relatively modest growth rates in the coming year. The IMF projects that Nigeria's economy will grow by
3.1% annually from 2024 to 2028, while
South Africa is anticipated to grow by
1.8% this year,
1.6% in 2025, and
1.4% over the next three years. Additionally, South Africa's real GDP growth was only
0.9% in 2023.
In general, Africa as a region is predicted to grow by
3.8%, and
the sub-Saharan part is predicted to grow slightly higher — up to
3.9%.
The African continent also dominates the forecasts for 2028. For example,
Mozambique is expected to rank second in terms of real GDP growth, with an indicator of
12.1% (more than double the
5% growth forecast for this year). The "bronze medal" will be shared by Rwanda and Liberia, with an indicator of
7.3%.
In general, the IMF rating for 2028 is as follows:
4.
Tanzania/ Ethiopia – 7%;
7.
Uganda/India/Cambodia – 6.3%;
8.
Benin/Côte d'Ivoire/Egypt/Niger – 6%;
9.
Yemen/Uzbekistan/
Togo/Burundi – 5.5%;
As for Africa in general and sub-Saharan Africa in particular, the former is projected to grow by 4.4% and the latter by 4.3% in 2028. This is about 2.5 times higher than the projected figure for the G7 countries.
