Once again, African countries are projected to comprise 6 out of 10 of the world’s fastest growing economies (by GDP growth) according to the IMF’s 2014 World Economic Outlook report. The six fastest growing economies in the top 10 include Chad (9.6% growth), the Democratic Republic of Congo (8.6% growth), Côte d’Ivoire (8.5% growth), Mozambique (8.3% growth), Ethiopia (8.2% growth) and Sierra Leone (8% growth).
Apart from the top 10 list, African countries dominate the top 20 list of fastest growing economies in the world including Tanzania (7.2% growth), Nigeria (7% growth), Burkina Faso (6.7% growth) and Mauritania (6.8% growth).
According to the IMF, “In sub-Saharan Africa, stronger growth is expected because of supportive external demand conditions and strong investment demand, although prospects vary across countries. Economic activity in sub-Saharan Africa has continued to grow robustly – on the back of supportive external demand conditions and strong growth in public and private investment – and the outlook is elected to remain favourable for the lion’s share of the region’s countries.” Though Ebola is taking a “heavy toll” in countries like Guinea, Liberia, Sierra Leone, Sub-Saharan Africa’s economic growth remains strong and is expected to accelerate to 5.8 percent in 2015.
Africa is expected to repeat its 2013 growth rate of 5.1 percent this year and then accelerate in 2015 as infrastructure investments boost efficiency and the service sectors and agriculture flourish.
Nigeria – the continent’s top oil producer which overtook South Africa as its biggest economy this year after a dramatic GDP rebasing – is forecast to expand 7.3 percent in 2015