The International Monetary Fund and African Development Bank have both predicted that Africa’s overall growth will improve in 2019 and 2020.
According to the IMF, there will be a 6% increase across the continent with the North-African nation, Libya leading with 10.8 per cent. The African Development Bank on its part also projected an improved economic growth in its 2019 African Economic Outlook report.
It estimated that the African economy will increase to 4% this year and 4.1% in 2020.
According to Dr. Akinwumi Adesina, the AfDB President, “The state of the continent is good. Africa’s general economic performance continues to improve.”However, he added, that “it remains insufficient to address the structural challenges.” These issues include;
· Risks from uncertainty in escalating global trade tensions,
· Normalization of interest rates in advanced economies, and
· Uncertainty in global commodity prices could dampen growth.”
Despite the challenges, Senior Vice President Charles Boamah remains hopeful saying, “Africa has the means to overcome them by joining hands together and removing barriers to integration and drivers of migration.”
IMF’s Top 10 2019 African Fastest-Growing Economies;
The fastest growing economy is Libya a North-African country with a GDP size of over $50.95bn is a country in the Maghreb region. The IMF projects economic growth of 10.8 per cent.
The Second fastest growing economy in the continent is Ethiopia a country located in East-Africa and the horn of the continent, and a landlocked country split by the Great Rift Valley.
IMF projects that Ethiopia with a GDP size of about $80.56bn will grow by 8.5% in the year 2019.
Rwanda a country located in East-Africa is one of the best stories of robust reforms and transformation, post the ugly civil war experience in 1994.
With a GDP size of $9.14bn, Rwanda is projected to achieve a 7.8% growth rate in 2019.
Ghana is an economic powerhouse in West Africa with a GDP size of approximately $51bn and is projected to hit a 7.6% growth in 2019, from 6.3% in 2018.
5. Ivory Coast
The Ivory Coast also known as “Cotedvoire” is another West African emerging economic powerhouse with remarkable reforms, that has made it a unique investment destination in Africa.
With a GDP size of about $41bn, Ivory Coast is projected by IMF to grow by 7.0% in 2019.
Senegal a country located in the West African sub-region is the sixth fastest growing economy to watch in 2019.
IMF projects that Senegal with a GDP size of approximately $17bn will grow by 6.7% in 2019.
Tanzania a country located in East-Africa has a GDP size of about $52.09bn and is projected by IMF to grow by 6.6% in 2019, from 5.8% in 2018.
Benin Republic is a country located in West Africa made the IMF 2019 top ten (10) fastest growing economies to watch in 2019.
It has a GDP size of approximately $10bn and has been projected to grow by 6.3 per cent in 2019.
This is an improved projection from 6% in 2018.
Uganda is another East-African nation that emerged in the IMF top 10 fastest growing economies for 2019.
The GDP size of Uganda is over $26bn and is expected to grow by 6% in 2019.
Kenya is an economic force in East-Africa and is a strategic nation in Africa. It has a GDP size of $74.94bn and IMF projects a 6.1% growth for the country in 2019.