At a period when some of the economic giants of the world are gradually leaning towards protectionism, Africa has rather taken a brilliant and commendable step in creating one of the world’s biggest free trade area since the World Trade Organization was established back in 1995. https://www.wto.org. In this article we will talk about the Top 10 Thriving Economies in Africa Right Now 2019.
It is true, Africa may not the be brightest of continents and her daughter countries may not rate among the richest or boast among the best economies in the world, but the signs are there – Africa genuinely has the perfect conditions for consistent economic growth.
Considering the rate at which the population in the continent has skyrocketed over the years, it is easy to see why the continent’s average annual GDP growth has steadily outstripped the global average, and is expected to remain so till at least, 2023.
Africa will surely owe ample of this evolution to its huge working-age population and rising consumer markets. Through the 21st century, Africa will most likely remain the source of the majority of global labor-force development. This simply will likely result to significant increase in production and savings, which could trigger a massive economy that promotes poverty reduction.
LIBYA (Economic Growth Of 10.8 Percent)
As it stands, Libya remains the fastest growing economy in Africa despite the crisis that the country has gone through over the years. This North-African country tops the chart among the top 10 thriving economies in Africa today with an appreciable GDP size of over $50.95bn. The Economy of Libya greatly depends on revenues generated from the hydrocarbons. Libyan oil reserves has been a major source of revenue for this country, which rates over 95 % of export incomes and 60 % of GDP.
ETHIOPIA (Economic Growth Of 8.5 Percent)
Libya recently replaced Ethiopia as the continent’s fastest growing economy according to report by the International Monetary Fund (IMF). However, Ethiopia remains East Africa’s fastest growing economy with an approximate 8.5 percent growth projection and has found herself to be among the top 10 thriving economies in Africa today . Ethiopia’s economy is concerted in the services and agriculture sectors.
RWANDA (Economic Growth Of 7.8 Percent)
East Africa are rated the fastest-growing region in Africa, and in fact, one of the fastest in the world. When it comes to impressive economic growth stories in the world, it is difficult to leave out Rwanda, especially considering the civil war the country experienced in 1994. Traditional products such as coffee and minerals like tin, dominate the country’s exports.
GHANA (Economic Growth Of 7.6 Percent)
Ghana was recently noted as one of the economic powerhouses in West Africa and it is easy to see why. With a GDP size rising to an approximate $51 billion, one can only see why it rates as the fastest growing economy in West Africa and the fourth fastest growing economy in Africa. If you are planning to invest in Africa, Ghana is a very country that you might consider
IVORY COAST (COTEDVOIRE) (Economic growth of 7.0 percent)
Ivory Coast is the second West African country to make the list. The country is also ranked among the economic powerhouses in West Africa, ranking among the top 10 thriving economies in Africa today, having a GDP size of up to $41 billion as at 2019. This West African country is one of the few nations that profited from the 50 percent African franc devaluation way back in 1994.
This aided the country to control the subsequent hike in inflation, while also making exports a bit more competitive. Ivory Coast also profited from outstanding infrastructure, which makes the country even more eye-catching to foreign inflows.
SENEGAL (Economic growth of 6.7 percent)
Another West African country on the list; Senegal ranks the third fastest growing economy is west Africa and the sixth in Africa. According to IMF, Senegal has an approximate GDP size of up to $17bn. Senegalese local industries process a variety of produce including food, fabrics, chemicals, machinery, equipment and water. Senegal also has a well developed tourism business, and with its broad shoreline, it functions as a shipping centre.
TANZANIA (Economic growth of 6.6 percent)
Tanzania currently ranks the seventh fastest developing country in Africa and is predicted to grow up to 5.8% this year. The East African country has maintained steady economic growth in the last years, averaging anything between six to seven per cent in recent times. However, despite the nation’s encouraging GDP growth rates, an approximate 46% of the populace remains in poverty. We hope to see an improvement in this area in few years to come. As with many others on this list, Tanzania remains vastly dependent on agriculture.
REPUBLIC OF BENIN (Economic growth of 6.3 percent)
Benin Republic ranks the eighth fastest growing economy in Africa today, thanks to a GDP of approximately $10 billion as at 2019. Despite this positive development, Benin remains heavily dependent on its much superior and more economically blustery neighbor Nigeria, with about 20 percent of its total GDP made from shipment trade and export to Nigeria.
KENYA (Economic growth of 6.1 percent)
Kenya is another country that has experienced vast economic growth other the years. While this does not necessarily come as a surprise, given the country’s steady progress, it is worth being applauded in all spheres of it. Here, the country ranks 9th fastest developing economy in Africa with an approximate GDP of about $74.94 Billion
UGANDA (Economic growth of 6.3 percent)
This list wouldn’t be complete without the mention of another East-African country that has announced itself to the world in recent times – Uganda. With a GDP of approximately $26 billion, one can only appreciate how far the country has gone. Uganda currently rates as the 10th fastest developing economies in Africa according to IMF. https://www.legitafrica.com/top-20-most-beautiful-african-countries/