Top 10 Fastest Growing Economies in Africa

Understanding key economic indicators of a country is necessary for business investment and decision making. Multinational corporations, MSMEs, and startups should look at this list of top 10 fastest growing economies in Africa if they are considering to do business in the continent. Economic growth not only shows good economic progress but also reflects stability in a country, which makes it a good place to do business. Africa has recorded an average of 3.2% economic growth, which is slightly higher than the world average growth of 3.0%. Here is the full list of top 10 countries with highest GDP growths in Africa, starting with the biggest economy in East Africa and the Horn of Africa.

10) Kenya

Kenya is an East African Country with many tribes, growing population, and relatively stable democracy. Apart from corruption and poor governance, the country is poised to be a good place to do business in Africa. Its GDP growth rate of 5.0% makes it the 10th fastest growing economy in Africa in 2023. The GDP of Kenya $110.3 billion and its GDP per Capita is $2,081.8. The country was recently promoted to the Middle Income country, and the GDP and GDP per Capita figures show why the country has risen in terms of income.

9) Togo

Togo is one of the fastest growing economies in West Africa. Its GDP growth rate of 5.4% makes it the 9th fastest growing economy in Africa in 2023. The GDP of Togo is currently recorded as $8.413 billion while its GDP per Capita is $973.21. These economic indicators show an economy that is surely becoming stronger and making the country a desirable place for investors.

8) Benin

Benin is another growing economy in West Africa. It is the 8th fastest growing economies in Africa in 2023 due to its GDP growth rate of 5.5%. Considering its population of 13 million people and a total GDP of $17.14 billion, Benin looks to be a good place for investors. The country has a GDP per capita of $1,319.15.

7) Gambia

Gambia has the 7th fastest growing GDP in Africa in 2023. Owing to its economic revolution and political commitment, the country is moving in the right direction and attracts foreign investors in the process. The country’s 5.6% GDP growth is surely one of the fastest in the world. Gambia’s GDP of $2.038 billion and GDP per Capita of $772.15 indicate a strong economy.

6) Guinea

Guinea’s GDP growth rate of 5.9% makes it the 6th fastest growing economy in Africa in 2023. The West African country has a good GDP per Capita of $1,189.18. Guinea’s economic success can be attributed to the good partnership between government and private entities.

5) Ethiopia

Ethiopia is a large country in Eastern Africa bordering Kenya, Somalia, Eritrea, Djibouti, and Sudan. Its GDP growth rate of 6.1% makes it the fifth fastest growing economy in Africa in 2023. Ethiopia has a GDP of $111.3 billion and a GDP per capita of $925.08.

4) Rwanda

Rwanda is the 4th fastest growing economy with a GDP growth rate of 6.2%. The East African country has risen from the dark years of 1990s when it experienced civil wars to a postmodern country with a strong economy. Its population of 13.46 million people and GDP per capita of %822.35 makes a conducive place to do business.

3) Democratic Republic of the Congo (DRC)

The Democratic Republic of Congo is one of the mineral-rich countries of Central Africa. Its GDP growth rate of 6.7% makes it one of the fastest growing economies in Africa in 2023. The DRC also has a real GDP of $67.51 billion and a GDP per Capita of $675.48.

2) Mozambique

Mozambique is located in the southern part of Africa and has a real GDP of $21.94, GDP per Capita of $647.14, and GDP growth rate of 7%. This growth rate places the country in the 2nd position in the list of Africa’s fastest growing economies in 2023.

1) Libya

Libya is the fastest growing economy in Africa. The country has a GDP growth rate of 12.5% and a real GDP of $40.19. However, with a large population the GDP per Capita is only $5,870. Nevertheless, the country remains a strong economy, probably owing to its richness in oil.

Others

Other fast-growing countries in Africa include: Egypt (4.2%), Cape Verde (4.4%), Burkina Faso (4.4%), Guinea Bissau (4.5%), Mauritania (4.5%), and Uganda (4.6%).

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