Top 10 Fastest Growing Economies in Africa, 2024

Putting economic woes behind it, Niger is set to become Sub-Saharan Africa’s fastest growing economy in 2024, growing at nearly double the rate forecast for Africa’s giant Nigeria. Following closely behind, Senegal boasts a growth rate of 8.2%, while Libya and Rwanda stand out with growth rates of 7.9% and 7.2%, respectively. Here are the top 10 fastest growing economies in Africa, ranked according to anticipated growth in 2024.

Africa’s Top 10 Fastest Growing Economies in 2022

Top 10 Fastest Growing Economies in Africa 2024

Top 10 Fastest-growing Economies in Africa 2022

1. Niger

Real GDP growth, averaging 5.6% over 2016–18, was estimated at 6.9% in 2022 due to strong performance by the primary and tertiary sectors. This growth is due to investments in infrastructure, extractives, and services, as well as to structural reforms, especially actions aimed at developing the private sector and strengthening the resilience of agriculture. Inflationary pressures remained contained, with an estimated rate of 3.8% for 2022. Niger tops the list of Fastest Growing Economies in Africa.

 Fastest-growing Economies in Africa

2. Senegal

Senegal continues to be a standout performer in Africa with an impressive growth rate of 8.2% in 2024. The country’s economic resilience and stability, coupled with proactive government policies promoting private sector participation and foreign investment, have propelled its growth momentum. Senegal’s focus on key sectors such as tourism, manufacturing, and information technology has stimulated job creation and economic diversification, driving sustained prosperity and development across the nation.

Fastest growing countries in Africa

3. Libya

Despite facing challenges stemming from its recent political transition, Libya’s economy demonstrates resilience with a growth rate of 7.9% in 2024. The country’s vast hydrocarbon resources continue to underpin its economic recovery, with increased oil production and export revenues contributing significantly to GDP growth. Moreover, ongoing efforts to restore stability, improve infrastructure, and attract foreign investment are poised to further bolster Libya’s economic performance in the coming years.

4. Rwanda

Rwanda’s economy suffered heavily during the 1994 genocide. The ethnic cleansing caused a large drop in GDP and destroyed the country’s ability to attract private and external investment. The economy has since strengthened, with per-capita nominal GDP estimated at $909.9 in 2022.

Rwanda’s Real GDP has been estimated by AFDB to grow at 7.2% in 2024, almost two times higher than the regional average.

Top 20 Fastest-growing Economies in Africa 2020

5. Cote d’Ivoire

Ivory Coast’s economy has grown faster than that of most other African countries since independence. One possible reason for this might be taxes on exported agriculture. The country is the world’s largest exporter of cocoa beans, and the fourth-largest exporter of general goods in sub-Saharan Africa.

Cote d’Ivoire’s robust growth rate of 6.8% in 2024 reaffirms its status as one of West Africa’s economic powerhouses. The country’s diversified economy, supported by strong agricultural output, manufacturing, and services sectors, continues to attract investment and drive expansion. Moreover, government-led infrastructure projects and reforms aimed at enhancing the business environment have contributed to sustained growth and job creation. Cote d’Ivoire’s strategic positioning as a regional hub for trade and investment further solidifies its economic resilience and prospects for continued prosperity.

6. Ethiopia

Th economy of the east African country of Ethiopia maintains a robust growth trajectory with a rate of 6.7% in 2024, driven by a combination of public investment, industrialization efforts, and agricultural modernization. The country’s ambitious development plans, including the Growth and Transformation Plan, prioritize infrastructure development, human capital investment, and economic diversification. Ethiopia’s large domestic market, abundant natural resources, and strategic location make it an attractive destination for foreign investors seeking opportunities in sectors such as manufacturing, agriculture, and renewable energy.

Top 20 Fastest-growing Economies in Africa 2020

7. Benin

Benin’s economy continues to expand steadily, recording a growth rate of 6.4% in 2024, driven by improvements in agricultural productivity, infrastructure development, and economic reforms. The government’s focus on enhancing business competitiveness, promoting private sector participation, and strengthening governance has created an enabling environment for sustained growth. Benin’s strategic investments in sectors such as transportation, energy, and tourism aim to capitalize on the country’s geographic position as a gateway to West Africa, fostering trade and economic integration within the region.

The main driver of growth is the agricultural sector, with cotton being the main export, while services continue to contribute the largest part of GDP mostly because of Benin’s geographical location, enabling trade, transportation, transit and tourism activities with its neighboring states.

Rwanda has one of the Fastest-growing Economies in Africa

8. Djibouti

Djibouti maintains its position as one of Africa’s fastest-growing economies, with a growth rate of 6.2% in 2024, driven by robust infrastructure development, strategic investments in logistics and transportation, and the expansion of port facilities. The country’s strategic location at the crossroads of major shipping routes linking Africa, Asia, and Europe has positioned it as a key trade and logistics hub. Djibouti’s proactive efforts to diversify its economy beyond maritime services, including investments in tourism, energy, and telecommunications, are poised to further stimulate economic growth and development.

9. Tanzania

Tanzania’s economy demonstrates resilience and dynamism, with a growth rate of 6.1% in 2024, supported by strong performance in sectors such as construction, mining, and telecommunications. The government’s emphasis on infrastructure development, including transportation networks and energy projects, has enhanced connectivity and facilitated economic activity across the country. Tanzania’s rich natural resources, including minerals, agriculture, and tourism, offer significant potential for further growth and development, attracting investment and driving economic diversification.

 Fastest-growing Economies in Africa 2023

10. Togo

Togo’s economy continues to expand steadily, with a growth rate of 6% in 2024, driven by efforts to improve the business environment, promote private sector development, and invest in key sectors such as agriculture, manufacturing, and services. The government’s commitment to economic reforms, including privatization initiatives and trade facilitation measures, has contributed to increased investor confidence and economic resilience. Togo’s strategic location along the Gulf of Guinea and its membership in regional economic blocs position it as a gateway for trade and investment in West Africa, fostering opportunities for sustained growth and development.

Rank Country Growth Rate (%)
1 Niger 11.2
2 Senegal 8.2
3 Libya 7.9
4 Rwanda 7.2
5 Cote d’Ivoire 6.8
6 Ethiopia 6.7
7 Benin 6.4
8 Djibouti 6.2
9 Tanzania 6.1
10 Togo 6.0

 

Last modified in May 2024.

Talk Africana
Talk Africana
Fascinating Cultures and history of peoples of African origin in both Africa and the African diaspora

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