Here are 9 of the fastest growing economies in Africa in 2024

The April 2024 World Economic Outlook from the International Monetary Fund (IMF) reveals an exciting trend: Africa is home to nine of the world’s 20 fastest-growing economies. These countries are using a mix of resource wealth, infrastructure projects and political reforms to stimulate their growth.

Here are nine of the world’s fastest-growing economies in 2024, according to the International Monetary Fund’s (IMF) April 2024 World Economic Outlook

1. Niger – 10.4% GDP growth

The key factor for Niger leading Africa’s growth is the oil pipeline and exports due to the completion of the 1,982 kilometer Niger-Benin pipeline. The pipeline positions Niger as a major oil exporter, with the sector expected to contribute to GDP. Despite the political instability in 2023, this infrastructure project strengthens its economic prospects.

2. Senegal – 8.3% GDP growth

With discoveries of over 40 trillion cubic feet of natural gas, Senegal’s hydrocarbon sector is driving growth. Projects such as the GTA (Greater Tortue Ahmeyim) gas field development are crucial. To fully realize this potential, political stability will continue to be crucial.

Also Read: Top 10 African Countries by GDP Per Capita in 2024

3. Libya – 7.8% GDP growth

Libya’s growth is supported by the recovery of oil production, which remains the country’s economic backbone. As the hydrocarbon sector thrives, diversification and stabilization efforts are required for long-term sustainability.

4. Rwanda – 6.9% GDP growth

Rwanda’s strategic investments in innovation and tourism, such as technology, tourism and sustainable development, have made it a model of economic resilience in Africa. Foreign investment and green initiatives continue to contribute to the country’s economic stability.

5. Côte d’Ivoire – 6.5% GDP growth

Côte d’Ivoire’s economy benefits from being a leading global exporter of agricultural exports and industrialized products such as cocoa and cashews. The country is investing heavily in infrastructure and industrial production, thereby diversifying its growth base.

Also Read: Five Countries Contribute to Half of Africa’s $1.4 Trillion GDP

6. Djibouti – 6.5% GDP growth

Djibouti takes advantage of its location at the crossroads of important global trade routes. The infrastructure expansion in ports and logistics supports the country’s role as a regional trade hub. However, long-term success depends on diversification into other sectors of the economy.

7. Ethiopia – 6.2% GDP growth

Ethiopia’s robust agricultural sector and growing investment in manufacturing are driving the country’s growth. Infrastructure projects supported by the African Continental Free Trade Area (AfCFTA) increase trade potential.

Also Read: Top 10 Largest Economies of 2024

8. Gambia – 6.2% GDP growth

Along with agricultural exports, tourism remains a cornerstone of The Gambia’s economy. Investment in infrastructure and regional trade agreements are key to sustaining this growth.

9. Benin – 6.0% GDP growth

The Niger-Benin pipeline significantly improves Benin’s economic prospects and complements its agricultural exports. Infrastructure projects strengthen trade potential within West Africa.