Which 10 African Countries Have the Fastest Growing Economies in 2024?

mao of Africa showing all the countries
  • Africa has the fastest growing economies in the world and is expected to experience steady economic growth in 2024, building on the positive momentum shown in previous years.

  • The continent now has one of the fastest-growing economies of any region, thanks to its young population and technological advancements.

  • Currently, only Asia has a faster-growing economy than Africa.

According to the African Development Bank’s Macroeconomic Performance and Outlook (MEO) report, which was released on Friday, African countries will top the list of the world’s fastest-growing economies.

According to the report, African countries account for more than half of the top 20 countries on this list. “Africa will account for eleven of the world’s twenty fastest-growing economies in 2024,” according to the research.

“Overall, real gross domestic product (GDP) growth for the continent is expected to average 3.8% and 4.2% in 2024 and 2025, respectively. This is higher than projected global averages of 2.9% and 3.2%,” the document enhances.

In addition to the current African Economic Outlook (AEO), which focuses on major emerging policy issues affecting the continent’s economy, Africa’s Macroeconomic Performance and Outlook is a biennial publication released in the first and third quarters of each year.

“Despite the challenging global and regional economic environment, 15 African countries have posted output expansions of more than 5%,” Dr. Akinwumi Adesina, President of the Bank Group, emphasized the need for increased financial and policy measures to boost Africa’s growth trajectory.

Despite Africa’s modest growth rate in 2023, the continent’s five regions’ medium-term economic prospects are gradually improving, according to the analysis.

With that said, below are the top ten African countries with the fastest-growing economies in 2024 and their projected GDP growth rates.


Rank Country Growth projection 2024
1. Niger 11.2%
2. Senegal 8.2%
3. Libya 7.9%
4. Rwanda 7.2%
5. Cote d’Ivoire 6.8%
6. Ethiopia 6.7%
7. Benin 6.4%
8. Djibouti 6.2%
9. Tanzania 6.1%
10. Togo 6%


Leave a Reply

Your email address will not be published. Required fields are marked *