It’s no secret that sub-Saharan Africa is home to some of the fastest growing economies in the world. This area has long been a center of economic activity and is home to various industries and sectors. The International Monetary Fund (IMF) recently released new projections for the economies of sub-Saharan Africa, and the results are certainly worth noting.
Here are the top 5 economies to watch in the region, according to the IMF:
- Angola – Angola is set to regain its position as the third largest economy in sub-Saharan Africa, as it returns to growth linked to higher oil prices. Angola is the second largest oil producer on the continent after Nigeria, and is also a producer of rough diamonds. The IMF expects Angola’s GDP to grow by 8.6% this year, to $135 billion. This is a significant increase from previous years, and Angola’s economy will continue to grow in the years to come.
- Ethiopia – Ethiopia is set to replace Kenya as the fourth largest economy in sub-Saharan Africa, according to the IMF. This is due to the reduction of armed conflicts in the country and the continuation of ambitious economic reform efforts to open up one of the fastest growing but most closed economies in Africa. The IMF predicts Ethiopia’s GDP will reach $126.2 billion this year, an increase of 13.5%. These are impressive numbers, and Ethiopia’s economy will continue to grow in the years to come.
- Nigeria – As the continent’s largest economy, Nigeria maintains its top position in the ranking of sub-Saharan African economies. The IMF predicts that Nigeria’s GDP will reach $574 billion this year. These are impressive numbers, and Nigeria’s economy will continue to grow in the years to come.
- South Africa – The IMF predicts that South Africa will remain the second largest economy in sub-Saharan Africa, with a GDP of $422 billion this year. These are very good numbers, and the South African economy will continue to grow in the coming years.
- Kenya – According to the IMF, Kenya’s GDP is expected to grow at a slower rate of 2.4% this year due to the aftershocks of the Covid-19 pandemic, drought, electoral disruptions, and global supply chain disruptions. The IMF predicts Kenya’s GDP will reach $117.6 billion this year, after Angola and Ethiopia. Despite slower growth, Kenya’s economy is still one of the top economies to watch in the region.