Africa Day

Africa Day: These are the top 10 fastest growing African economies

Some real success stories are beginning to surface.

Africa Day

On Africa Day, it’s important to celebrate and recognise the continent’s incredible history. As the cradle of civilisation, the story of humankind starts with us.

However, the future is looking pretty bright for a number of flourishing African economies. Euromonitor International have released their latest insights into the regional economic landscape and it makes for fascinating reading.

The financial institution predicted the growth prospects for all 55 nations in Africa, looking ahead to 2030. Their forecast predicts that Ethiopia is set to improve its GDP by a huge 7.5%. They’ll be closely trailed by Rwanda, who are looking at 7.2%.

Mozambique is the only other country expected to see their economy grow by 7% or more, sitting in third place. Cote d’Ivoire and Sierra Leone make up the top five.

Fastest growing economies in Africa:

(All data provided by Euromonitor)

1. Ethiopia

2. Rwanda

3. Mozambique

4. Cote d’Ivoire

5. Sierra Leone

6. Senegal

7. Tanzania

8. Uganda

9. Kenya

10. Burkina Faso

Africa Day
Data showing the ten fastest growing economies in Africa (Euromonitor).

The African economy

According to Euromonitor data, Africa is the second most populous continent on Earth. Its growing young population is expected to command nearly 20% of the world’s population by 2025.

Africa’s two largest economies, Nigeria and South Africa, account for nearly 50% of the continent’s GDP in 2017. However, by 2030 these two countries will represent just 37% of Africa’s total GDP.

Emerging continental markets are beginning to take a larger slice of the pie. But why is that? Euromonitor states that African citizens have been galvanised by the digital revolution: More connectivity means more opportunities:

“Africans are increasingly connected, with high mobile penetration – reaching one billion in 2017. This offers opportunities in various consumer industries, which include finance, apparel, food and drink, and beauty and personal care.”

Africa Day and the economy

Challenges such as a lack of infrastructure and skills still hold many countries back, though. The continent must still navigate a nest of diverse challenges, but on Africa Day, we think there’s nothing wrong with celebrating the success stories.