Nigeria Missing as IMF Lists 7 Fastest-Growing Economies in Africa in 2023
- The International Monetary Fund (IMF) has released its annual economic forecast for countries in Africa
- The global fund said that about 33 countries in Africa have been plagued with high inflation in 2022
- The fund listed countries that would enjoy robust economic growth in 2023
According to the International Monetary Fund (IMF), Africa’s economic recovery has been abruptly interrupted but in 2021, activities bounced back and lifted GDP growth in the continent to 4.7 per cent.
Growth in 2022 is expected to decline by more than one per cent point to 3.6 per cent as global slowdown, tighter financial conditions and a surprising recovery in global inflation spiral into Africa already weighted down by a series of economic shocks.
Source: Getty Images
The World Bank said 29 out of the 33 countries in Africa with verifiable data had 5 per cent inflation in July while 17 countries were in double digits.
Countries in debt distress were little changed and borrowing costs increased enormously.
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The growth rate in Ghana, which ran to the IMF for help as inflation hit 33.9 per cent in August and the country’s currency weakened, growth is projected at 5.5 per cent in April.
The World Bank also reduced growth forecasts for Nigeria and South Africa, the dominant economies in the region from 3.8 per cent and 2.1 per cent to 1.9 per cent and 3.3 per cent respectively.
According to Business Insider, Cote d’Ivoire was projected to be Africa’s fastest-growing economy in 2022 at 5.7 per cent, but Senegal is also projected to overtake it with 4.8 per cent more in 2022 before racing up to 8 per cent in 2023 and 10.5 per cent in 2024.
For Kenya, the growth rate is forecasted at 5 per cent.
Here are the top 7 fastest-growing economies in Africa
Senegal: 8.1 per cent
The country’s economy will expand the most in the continent in 2024, IMF says.
Niger: 6.5 per cent
The country enjoys a favourable economic outlook from 6.5 per cent in 2020 to 7.2 per cent in 2023, led by agriculture.
Rwanda: 6.3 per cent
The IMF said Rwanda's economy will grow at 6.7 in 2023, increasing from 6.0 in 2022.
Congo DRC: 6.7 per cent
Battered by political and civil instability, Congo DRC has a projected growth rate of 6.7 per cent, per IMF projections.
Benin: +7.2 per cent
The country has the strongest growth rate in West Africa with an estimated rate of +7.2 per cent.
Togo: 5.3 per cent
The country which had a growth rate of 1.8 per cent at the peak of the COVID-19 period has rebounded and is forecasted to reach about 5.3 per cent in 2023.
The list of African countries with highest debt to China, amount and what the debts are used for
Legit.ng reported that Macau is the only country in the world that is debt-free, according to the International Monetary Fund (IMF).
The world’s greates economies rank among the 20 countries with the highest external debts.
They are the US, Russia, United Kingdom, France, Germany, Japan and China, according to a Daily Trust report.
Source: Legit.ng
