fastest growing economy in africa 2019

In recent years, Africa’s average annual GDP growth has consistently outpaced the global average, and is expected to remain at least 6% until 2023. The data comes from World Bank’s Global Economic Prospects (G.E.P). We have compiled a list of six growing economies in sub-Saharan Africa with the highest projected compounded annual growth rate (CAGR). For optimum experience we recommend to update your browser to the latest version. This population has been credited with the current economic boom all over the continent. Rwanda. Excluding South Africa, the continent’s largest economy, growth in Sub-Saharan Africa is forecast to rise to 6%. In 2019, sub-Saharan Africa will continue to have the fastest-growing mobile economy in the world but despite encouraging growth statistics, mobile inclusion remains a … 8.Benin. The IMF talks of a growth rate of 8.8% in its World Economic Outlook. Second place goes to Ethiopia with a projected growth of 8.5 per cent. Ghana. IMF projects an economic growth of 10.8 per cent. 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. Africa is bestowed with young, fast-growing population. Of the 30 fastest-growing cities in the world, 21 are in Africa. Your browser is not up-to-date. The Construction and Real estate industry: This is also another fast-growing industry in Kenya. Last year, the country’s economy only grew by 5.6%, putting it in sixth position. East Africa is the fastest growing region in Africa for the fifth straight year, according to the African Development Bank’s (AfDB) Economic Outlook for 2019. Africa’s cities are experiencing a population boom. Angola today is considered one of the fastest-growing economy in the world, despite recent struggles with the global oil market. Six of the world’s ten fastest-growing economies are in Africa; for the period 2014-2050, PwC projects that Nigeria, South Africa, and Egypt will remain in the top ten. Benin Republic is a country located in West Africa made the IMF 2019 top ten (10) fastest growing economies to watch in 2019. The economic outlook for Sub-Saharan Africa (SSA) is positive, with growth rising to 5.3% in 2012, and 5.6% in 2013, over the pre-crisis average level of 5%. According to the AfDB, the region grew by 5.7% in 2018, and is projected to grow by 5.9% in 2019, and 6.1% in 2020. Some of them are growing at unheard of rates. Ethiopia. In 2017, this industry witnessed an upsurge of approximately 7.4% growth. Here are IMF's top 10 African countries with the fastest growing economies right now: Libya. The International Monetary Fund (IMF) has predicted Ghana to be world’s fastest growing economy in 2019. A 7.8 per cent increase is expected in economic growth. 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