It’s no secret that sub-Saharan Africa is home to some of the fastest growing economies in the world. The region has long been a hub of economic activity and home to various industries and sectors. The International Monetary Fund (IMF) recently released new projections for sub-Saharan African economies, and the results are certainly worth paying attention to.
According to the IMF, here are the top 5 economies to watch in the region:
- Angola – Angola is poised to reclaim its position as the third-largest economy in sub-Saharan Africa, thanks to a return to growth linked to higher oil prices. Angola is the continent’s second largest oil producer after Nigeria and a significant producer of rough diamonds. The IMF expects Angola’s GDP to expand by 8.6% this year and reach $135 billion. This is a significant increase from previous years and Angola’s economy is likely to continue to grow in the coming years.
- Ethiopia – Ethiopia is poised to replace Kenya as the fourth-largest economy in sub-Saharan Africa, according to the IMF. It aims to open up one of Africa’s fastest-growing but most closed economies due to the easing of armed conflict in the nation and the continuation of ambitious economic reform efforts. The IMF expects Ethiopia’s GDP to reach $126.2 billion this year, expanding by 13.5%. This is an influential figure who will continue to grow Ethiopia’s economy for years to come.
- Nigeria – As the continent’s largest economy, Nigeria maintains its top position in sub-Saharan Africa’s economic rankings. The IMF predicts that Nigeria’s GDP will hit $574 billion this year. This is an impressive figure and Nigeria’s economy will continue to grow in the years to come.
- South Africa – The IMF predicts that South Africa will retain its position as the second largest economy in sub-Saharan Africa with a GDP of $422 billion this year. This is an impressive figure and the South African economy will continue to grow for years to come.
- Kenya – According to the IMF, Kenya’s GDP is expected to register a slower growth of 2.4% this year due to the aftershocks of the Covid-19 pandemic, drought, electoral violence and disruptions to global supply chains. The IMF predicts that Kenya’s GDP will reach $117.6 billion this year, behind Angola and Ethiopia. Despite this slow growth, the Kenyan economy is still one of the top economies to watch in the region.