The Economic Commission for Africa (ECA) announces that African countries are expected to dominate the top 10 fastest-growing global economies in 2024, according to its latest report on economic and social developments in Africa. Among the key drivers of this growth are Niger, Senegal, Côte d’Ivoire, the Democratic Republic of the Congo (DRC), and Rwanda. Adam Elhiraika, Director of the Macroeconomic and Governance Division at the ECA, emphasizes that Africa is the fastest-growing region among developing countries, after East and South Asia in 2023, and this trend is expected to continue in 2024 and 2025.
The report highlights significant economic growth projections for Niger and Senegal due to increased production and exports of hydrocarbons. In Niger, the revival of agricultural production and increased crude oil production are expected to drive growth, despite challenges posed by recent military coups and regional sanctions. In Senegal, growth will be stimulated by private projects and investments in infrastructure, although ongoing elections in 15 African countries, including recent presidential elections, could impact short-term growth.
Côte d’Ivoire, the DRC, and Rwanda will also experience strong expansion due to increased investments in infrastructure, continued tourism development, and economic diversification.
Despite these promising prospects, the report underscores that economic growth in Africa remains below its potential
Despite these promising prospects, the report underscores that economic growth in Africa remains below its potential and insufficient to achieve the Sustainable Development Goals (SDGs) and the targets of Agenda 2063. Policy changes in fiscal and monetary areas are needed to address these challenges, as well as increased efforts to combat inflation and internal and external imbalances.
Furthermore, the report highlights persistent challenges related to climate disasters, geopolitical instability, and difficulties in intra-African trade. Structural reforms are needed to revitalize trade and stimulate investments in key sectors such as renewable energy and critical minerals.
In summary, while Africa is on the path to growth, concerted actions are needed to overcome challenges and realize its full economic and social potential.
