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Top 5 Africa Fastest Growing Countries in 2024
In 2024, Africa stands on the brink of sustained economic growth, continuing the upward trajectory observed in preceding years.
In 2024, Africa stands on the brink of sustained economic growth, continuing the upward trajectory observed in preceding years. Fueled by its youthful demographic and technological advancements, the continent boasts one of the most rapidly expanding economies globally. Presently, only Asia surpasses Africa in economic development speed. The latest report from the African Development Bank, titled Macroeconomic Performance and Outlook (MEO), released on Friday, highlights Africa’s dominance in the list of fastest-growing economies worldwide. In this article, we will focus on the Top 5 African fastest-growing countries in 2024.
Niger
The first on the list of Top 5 Africa Fastest Growing Countries in 2024 is Niger, By 2024, Niger is anticipated to emerge as Africa’s fastest-growing economy, with a remarkable 11.1 percent GDP growth. This surge is attributed to several factors, including the lifting of sanctions at an early stage, the commencement of large-scale oil production, the resumption of international financing, and the robust performance of the agricultural sector.
Niger’s strategy includes initiating oil exports through a newly constructed pipeline, linking the Agadem oilfield to Benin’s Port of Seme. This move positions the country to enter the global oil market, backed by substantial investment from the China National Petroleum Corporation.
Senegal
The economy of Senegal is driven by mining, construction, tourism, fishing, and agriculture, which are the main sources of employment in rural areas, despite abundant natural resources in iron, zircon, gas, gold, phosphates, and numerous oil discoveries recently, Senegal boasts one of Africa’s most developed tourist industries, alongside its reliance on foreign assistance to support its economy. Additionally, as a member of the World Trade Organization, Senegal actively engages in international trade and commerce.
Senegal anticipates a robust economic expansion surpassing 8.8 percent in 2024, driven by the burgeoning oil and gas sector. Offshore discoveries have unveiled significant reserves of oil and natural gas, with key projects such as Woodside Energy’s Sangomar Field Development and the Grande Tortue Ahmeyim LNG project playing pivotal roles in driving this surge.
Libya
The Libya economy depends primarily upon revenues from the oil sector, which account for over half of GDP and 97% of exports. which makes Libya hold the largest proven oil reserves in Africa and is an important contributor to the global supply of light, sweet crude. Acoording to online reports, Libya is actively promoting business development and encouraging both domestic and foreign investment.
This is one of the Top 5 Africa Fastest Growing Countries in 2024 Libya foresees a 7.5 percent GDP growth in 2024, driven by a recovering hydrocarbon sector and elevated oil prices. Initiatives like Eni’s Structures A&E and exploration projects in the Ghadames and Sirte Basins, along with renewable energy projects, contribute to diversified energy growth.
Rwanda
Rwanda, characterized by limited natural resources, relies heavily on subsistence agriculture, where local farmers utilize basic tools for cultivation. Approximately 90% of the working population is engaged in farming activities, with agriculture accounting for an estimated 32.5% of the country’s GDP in 2014.
Ivory Coast
Within the West African Economic and Monetary Union, Ivory Coast is the largest economy, contributing 40% of the total GDP of the monetary union. Additionally, it holds the distinction of being the fourth-largest exporter of general goods in sub-Saharan Africa. Since gaining independence, Ivory Coast’s economy has snowballed compared to many other African nations. This acceleration could be attributed, in part, to taxes imposed on exported agricultural products.
However, Ivory Coast is the last on the list of the top 5 Africa Fastest Growing Countries in 2024 Ivory Coast’s economy is expected to grow by 6.6 percent in 2024, propelled by private consumption, fixed investments, and ongoing hydrocarbon projects like Eni’s Baleine offshore oil and gas field. Hosting the Africa Cup of Nations and measures against inflation are additional factors influencing economic expansion
Here are the Top 5 African Fastest Growing Countries 2024
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Niger
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Senegal
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Libya
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Rwanda
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Ivory Coast