According to the Brookings Institution, a nonprofit organization devoted to independent research and policy solutions. About half of the world’s fastest-growing economies in 2019 will be located in Africa.
According to the Brookings Institution, a nonprofit organization devoted to independent research and policy solutions. About half of the world’s fastest-growing economies in 2019 will be located in Africa.
The great news is that just like in 2018, Sub Saharan Africa will be home to several of the fastest-growing economies in Africa.
The region’s growth numbers will be led again by Ethiopia, Rwanda, Ghana, Côte d’Ivoire and Senegal, who remain in the top 5. Tanzania made it into the top 10 Fastest growing economies in Africa this year, displacing Guinea. Ethiopia is predicted to top the group. In addition, these estimates are higher than in 2018 for all countries except Côte d’Ivoire and Senegal.
The region’s growth according to the Brookings report is driven by the steady rebound of commodity prices, an improvement in the global economy and improved capital market access after several of the countries made valiant attempts to get their fiscal books in order following the commodity price slump of 2014-15.
“In 2019, the economic outlook of subSaharan Africa will strengthen, due largely to a combination of higher commodity prices, a stronger global economy, and supportive domestic policies”
And talking about Africa’s big economies, Nigeria is expected to see an expansion of 2.3%—better, but not much, than the 1.9% of 2018. South Africa will expand by 1.4% which is, again, an improvement on 0.8% last year.
“About half of the world’s fastest-growing economies will be located on the continent, with 20 economies expanding at an average rate of 5% or higher over the next five years, faster than the 3.6% rate for the global economy,” writes Brahima Coulibaly, director of Brookings’ Africa Growth Initiative.
Growth Forecast: Top 10 Fastest Growing Economies in Africa, 2019
| Country | 2018 (%) | 2019 (%) |
|---|---|---|
| Ethiopia | 7.5 | 8.5 |
| Côte d’Ivoire | 7.4 | 7 |
| Rwanda | 7.2 | 7.8 |
| Senegal | 7 | 6.7 |
| Ghana | 6.3 | 7.6 |
| Benin | 6.0 | 6.3 |
| Kenya | 6 | 6.1 |
| Uganda | 5.9 | 6.1 |
| Burkina Faso | 5.9 | 6 |
| Guinea | 5.8 | 5.9 |
| Tanzania | 5.8 | 6.6 |
About Brookings
The Brookings Institution is a nonprofit organization devoted to independent research and policy solutions. Its mission is to conduct high-quality, independent research and, based on that research, to provide innovative, practical recommendations for policymakers and the public.
