In 2024, Africa is poised to dominate the list of the world’s 20 fastest-growing economies, with eleven African nations expected to secure spots on that roster. Projections indicate that the continent’s real gross domestic product (GDP) growth will outpace the global average, averaging 3.8% in 2024 and climbing to 4.2% in 2025. This places Africa as the second-fastest-growing region globally, following closely behind Asia.
Among the top performers in Africa, Niger leads with an impressive growth forecast of 11.2%, followed by Senegal at 8.2%, and Libya at 7.9%. Other notable countries expected to experience robust economic expansion include Rwanda, Cote d’Ivoire, Ethiopia, Benin, Djibouti, Tanzania, Togo, and Uganda, all projected to achieve growth rates of around 6%.
East Africa leads Africa’s growth with expected rates of 5.1% in 2024 and 5.7% in 2025, driven by investments in connectivity and trade. Conversely, North Africa faces challenges, maintaining steady growth at 3.9% in 2024, rising slightly to 4.1% in 2025. Central Africa’s growth may moderate to 3.5% in 2024 but could rebound to 4.1% in 2025 with improved private consumption and mining investments. Southern Africa’s expansion remains sluggish at 2.2% and 2.6% in 2024 and 2025, mainly due to economic weaknesses in South Africa. Meanwhile, West Africa expects growth to accelerate to 4% in 2024 and 4.4% in 2025, although concerns persist over sustainability, notably with withdrawals from ECOWAS.
Source: Africa’s Macroeconomic Performance and Outlook by African Development Bank