Africa will account for 11 of the 20 fastest growing economies in the world in 2024, according to the latest report by the African Development Bank (AfDB).
The top 11 African countries projected to have the highest real GDP growth are Niger (11.2%), Senegal (8.2%), Libya (7.9%), Rwanda (7.2%), Côte d'Ivoire (6.8%), Ethiopia (6.7%), Benin (6.4%), Djibouti (6.2%), Tanzania (6.1%), Togo (6%), and Uganda (6%).
In addition, up to 41 countries on the continent will achieve an economic growth rate of 3.8% in 2024, with 13 of them growing more than 1 percentage point faster than in 2023, according to the report.
Globally, the bank predicted that Africa will remain the second-fastest growing region after Asia, with real GDP growth on the continent averaging 3.8% and 4.2% in 2024 and 2025, respectively, above the projected global averages of 2.9% and 3.2%.
Providing a regional picture of the continent, the AfDB highlighted East Africa, whose growth is expected to rise to 5.1% in 2024 and 5.7% in 2025.
Among other regions, real GDP growth is projected to be as follows:
North Africa - 3.9% in 2024 and 4.1% in 2025;
Central Africa - 3.5% in 2024 and 4.1% in 2025;
Southern Africa - 2.2% in 2024 and 2.6% in 2025;
West Africa - 4% in 2024 and 4.4% in 2025.
"The improved growth figure for 2024 reflects concerted efforts by the continent’s policymakers to drive economic diversification strategies focused on increased investment in key growth sectors, as well as the implementation of domestic policies aimed at consolidating fiscal positions and reversing the increase in the cost of living and boosting private consumption," the AfDB said.
The bank also recommended that the continent should invest more in human capital and pursue a resource-based industrialization and diversification strategy that will allow the continent to exploit its comparative advantage and build resilience to shocks.
Earlier in May, the AfDB gave a higher forecast for African economies in 2023, at 4.3% GDP growth, 0.5% higher than the new forecast.
The bank attributed the decline from its May forecast to the negative long-term effects of COVID-19, climate shocks such as the El Niño weather event that could lead to lower crop yields, and escalating geopolitical tensions in the Middle East.