Fluctuations in global commodity prices, major political events, climate change impacts, and general economic uncertainty have left many African countries vulnerable to external shocks over the past year.
For example, countries such as Nigeria, Kenya, and Zambia experienced huge devaluations, with their currencies falling by double-digit percentages. In addition, many countries suffered from high debt burdens, leading to defaults in countries such as Ghana, Zambia, and Ethiopia.
According to the African Development Bank Group’s latest African Economic Outlook, 41 African countries are expected to record higher growth rates in 2024 than in 2023.
The International Monetary Fund (IMF) shares this positive view, predicting that six of the African countries will increase their growth rates. The top 10 best-performing countries in 2024 will be located in Sub-Saharan Africa.
In terms of gross domestic product (GDP) growth on the African continent in 2024, Niger’s real GDP is expected to increase significantly, estimated at 10.4% year-on-year.
It is expected to grow by around 6% per year from 2025 to 2029. In particular, the GDPs of Senegal, Libya and Rwanda could grow by around 8.3%, 7.8% and 6.9%, respectively, in 2024.
Below are the top 10 African countries with the highest GDP growth rate in 2024:
| Rank | Country | GDP Growth Rate |
|---|---|---|
| 1 | Niger | 10.4% |
| 2 | Senegal | 8.3% |
| 3 | Libya | 7.8% |
| 4 | Rwanda | 6.9% |
| 5 | Côte d’Ivoire | 6.5% |
| 6 | Djibouti | 6.5% |
| 7 | Gambia | 6.2% |
| 8 | Ethiopia | 6.2% |
| 9 | Benin | 6% |
| 10 | South Sudan | 5.6% |
- Mac Miller’s Long-Awaited Album ‘Balloonerism’ Drops Soon - November 22, 2024
- WhatsApp Announces Upcoming Voice Message Transcription Feature - November 22, 2024
- Google doodle celebrates the Lebanon’s Independence Day - November 22, 2024