What are the fastest growing economies in Africa? Africa is changing to positive. Did you know that top eight out of ten fastest-growing economies in the world are in Africa? It is becoming evident that Africa is set to become the world’s economic engine in the next 10 years or during the 21st century. Here, we have enlisted the fastest growing economies in Africa. It is based on Average Annual GDP (Gross Domestic Product) growth and CAGR (Compounded Annual Growth Rate). While you read our article, we suggest you take a look at this article on Fastest Growing Economies in the World. Nevertheless, let’s get into it!
Average Annual GDP growth: +7.50%
Rwanda’s economy fell down greatly during the 1994 Genocide, but recently it has regained the economic stability and recognized as one of the fastest growing economies in Africa. Relying on a few natural resources, the economy is mainly based on agriculture along with some industrial and IT sectors.
9. The Gambia
Average Annual GDP growth: +9.66%
The Gambia has a worldwide market-based economy based on agriculture, basically on export earnings of groundnuts. The country is dependent on the transfer payments from overseas and foreign aid. Tourism and some small industry sectors are also developing day be day.
8. Côte d’Ivoire
Average Annual GDP growth: +6.99%
The primary agricultural crops are coffee and cocoa in the Ivory Coast, known as the world’s biggest producer and exporter of cocoa beans, as well as other commodities like palm oil, rubber and gold. Though in recent years, high domestic corruption makes living difficult both for the growers and the exporters, it is considered as one of the fastest growing economies in Africa.
Average Annual GDP growth: +7.83%
Ghana possesses a huge number of natural resources, including industrial metals, other precious metals and hydrocarbons. The nation’s economy mostly dependent on manufacturing and exporting agricultural goods, industrial products, petroleum, as well as digital technology goods like smartphones, tablet computers, and consumer electronics.
Average Annual GDP growth: +7.87%
The Malawi state is renowned for its macroeconomic policies. Once, the economy was totally reliant upon considerable economic aids from the World Bank, the IMF (International Monetary Fund) and other developed countries. But, at present economy is mostly dependent on country’s own agricultural and industrial sectors.
Average Annual GDP growth: +8.19%
Zambia is another country among the fastest growing economies in Africa, historically dependent on the copper mining industries. In recent years, the government has planned to develop an economic diversification by encouraging agriculture, gemstone mining, tourism and hydro-power, besides copper mining.
Average Annual GDP growth: +8.40%
Mozambique is enriched with extensive valuable natural resources. Along with foreign aids, the economy is mostly dependent on agriculture, Aluminium and other mining industries, food industries, chemical manufacturing, petroleum production and also tourism sectors.
3. Republic of the Congo
Average Annual GDP growth: +5.29%
Congo is well known for the petroleum exporting. The economy also largely depends on village agricultures and handicraft industries. After suffering from long decades of civil war, the country has developed its own economic stability and recognized as one of the fastest growing economies in Africa.
2. South Sudan
Average Annual GDP growth: +69.62%
South Sudan earns most of the revenues from agriculture, farming and oil exports, providing the maximum GDP growth rate. Recent civil war is going to be a threat to the growing economic condition of the nation and GDP may fall within the next year.
1. São Tomé and Principe
Average Annual GDP growth: +5.5%
Since its independence, São Tomé and Principe’s economy is based on plantation agriculture along with international financial aids. Other popular economic activities are fishing, chemical and consumer goods producing and petroleum exporting. This country is highly recognized as one of the fastest growing economies in Africa.