11 of the World’s Fastest-Growing Economies in 2024 Will Be African

In its latest Macroeconomic Performance and Outlook (MEO) report, the African Development Bank Group has projected that eleven African countries will rank among the world’s 20 fastest-growing economies in 2024. The continent’s real GDP growth is expected to average 3.8% in 2024 and 4.2% in 2025, surpassing the global averages of 2.9% and 3.2%, respectively.

With Niger, Senegal, Libya, Rwanda, and Cote d’Ivoire leading the pack, Africa is poised to maintain its position as the second-fastest-growing region after Asia. The report highlights that despite global and regional economic challenges, fifteen African countries have achieved output expansions exceeding 5%.

Dr. Akinwumi Adesina, President of the African Development Bank Group, emphasised the need for larger financing pools and policy interventions to bolster Africa’s growth trajectory. He underscored the importance of fiscal consolidation and stable exchange rates to tackle inflation and maintain fiscal resilience amid global uncertainties.

The report also calls for cautious optimism, citing risks such as geopolitical tensions, regional conflicts, and political instability, which could disrupt trade and investment flows, exacerbate inflationary pressures, and impact fiscal positions.

Addressing these challenges requires strategic investments in key growth sectors, diversification of economies, and fostering domestic policies aimed at fiscal consolidation and boosting private consumption. Additionally, long-term affordable financing and structural reforms are essential for sustained economic growth and resilience to external shocks.

The report’s findings were presented at a high-level event attended by stakeholders from academia, government, and international organisations. The African Development Bank Group reaffirmed its commitment to supporting Africa’s economic development and urged policymakers to prioritise sustainable growth strategies.

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Source: African Development Bank