African Countries to Dominate the World's Top 10 Growing Economies, ECA Report

April 1, 2024--AFRICAN countries are predicted to dominate the world's top 10 highest growing economies in 2024, according to a report on Recent Economic and Social Developments in Africa by the Economic Commission for Africa (ECA).
The most notable growth drivers in Africa in 2024 will be Niger, Senegal, Ivory Coast, DRC and Rwanda.

Adam Elhiraika, Director, Macroeconomics and Governance Division at ECA said Africa was the fastest growing region after East and South Asia in the developing world in 2023, and Africa will continue this trend in 2024 and 2025.

The report says that Niger and Senegal are expected to experience significant economic growth due to the increase in hydrocarbon production and exports.

Growth in Niger will be fuelled by the revival of agricultural production-although it is vulnerable to unfavourable weather conditions-and a rise in crude oil production, which will have a beneficial impact on the transportation sector. However, recent military coups in, together with sanctions from regional blocs, have disrupted economic activity and incurred significant social costs.