By Frank Kamuntu
The global economic landscape is continuously shifting, and as we step into 2024, there are several regions showing promising signs of significant economic growth.
Various factors, including technological advancements, policy changes, and emerging industries, are paving the way for certain countries to emerge as economic powerhouses in the coming year.
According to the International Monetary Fund, the growth of developing and emerging market economies is expected to moderately fall from 4.1% in 2022 to 4.0% in 2023 and 2024, as seen in its October World Economic Output report.
The report titled, Navigating Global Divergencies also noted that global inflation is expected to gradually decrease as a result of tighter monetary policy supported by decreasing international commodity prices, from 8.7% in 2022 to 6.9% in 2023 and 5.8% in 2024.
In most situations, core inflation is predicted to decrease more gradually, with inflation not anticipated to reach goal again until 2025.
However, there are countries on the continent still projected to grow at an impressive rate. Of them, Niger, a country that recently experienced a coup stood out. Its growth projection by the IMF stood at 11.1%, the highest of any Sub-Saharan African country.
Below are the 10 African countries with the highest early 2024 economic forecast.
1. Niger 11.1%
2. Senegal 8.8%
3. Libya 7.5%
4. Rwanda 7.0%
5. Côte d’Ivoire 6.6%
6. Burkina Faso 6.4%
7. Benin 6.3%
8. The Gambia 6.2%
9. Ethiopia 6.2%
10. Tanzania 6.1%
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