• About
  • Advertise
  • Careers
  • Contact Us
Saturday, June 28, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home News

AfDB: 11 of the World’s 20 Fastest Growing Economies in 2024 are in Africa (FULL LIST)

Reporter: Tobi Adetunji

by Techeconomy
February 19, 2024
in News
0
Fastest growing economies in 2024 by AfDB
L-r: Prof Jeffrey Sachs, director, Center for Sustainable Development, Columbia University; Albert Muchanga, AU Commissioner; Dr Akinwumi Adesina, African Development Bank President, Marie-Laure Akin-Olugbade, Vice President, and Prof Kevin Urama, Chief Economist and Vice President.

L-r: Prof Jeffrey Sachs, director, Center for Sustainable Development, Columbia University; Albert Muchanga, AU Commissioner; Dr Akinwumi Adesina, African Development Bank President, Marie-Laure Akin-Olugbade, Vice President, and Prof Kevin Urama, Chief Economist and Vice President.

UBA
Advertisements

The African Development Bank Group announced in its latest Macroeconomic Performance and Outlook (MEO) report that Africa will host eleven of the world’s 20 fastest growing economies in 2024.

The continent’s real gross domestic product (GDP) growth is forecasted to average 3.8% in 2024 and 4.2% in 2025, surpassing the projected global averages of 2.9% and 3.2%, respectively.

Africa is poised to maintain its position as the second-fastest-growing region after Asia.

The 11 fastest growing economies and their projected growth rate for 2024 are;

  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% and
  11. Uganda – 6%.

Speaking on the report, Dr. Akinwunmi Adesina, the president of the African Development Bank (AfDB) called for more financing in the face of the positive outlook noting that 15 African countries already posted a growth rate above 5%.

He stated, “Despite the challenging global and regional economic environment, 15 African countries have posted output expansions of more than 5%,”

Across the five regions in Africa, the bank projected East Africa to experience the fastest economic growth in 2024 at 5.1% followed by West Africa at 4.0%.

On the other hand, North and Central Africa are expected to grow at 3.9% and 3.5% respectively while Southern Africa will see the weakest growth at 2.2% in 2024.

While the report cast a bright light on Africa, the continent still grapples with several risks such as inflation, currency depreciation, elevated debt levels, and political risks with the rise of coups across the Sahel.

Inflation continues to pose a threat to Africa’s population owing to monetary policy tightening across Europe and the United States, geopolitical tensions in Europe and the Middle east leading to stress in supply chains of energy and agricultural products.

By the end of 2022, around 19 African countries posted double-digit inflation rates leading to reduction in consumer spending thereby plunging vulnerable populations deep into poverty. The figure remained unchanged in 2023. The continent averaged around 17.3% inflation in 2023.

In the previous year, many African countries experienced severe currency depreciation with commodity exporters the most vulnerable. This was primarily due to hawkish inflation targeting monetary policies in the United States.

Political risks due to internal conflicts and coups also threaten the economic growth across the continent. Last year, the continent saw coups in Niger and Gabon.

However, since 2020 putschist have struck 9 times with varying degrees of success mainly across the Sahel region.

[Featured Photo Credit]

Loading

Advertisements
MTN ADS

Author

  • Techeconomy
    Techeconomy

    View all posts
0Shares
Tags: #MEOAfDBDr. Akinwunmi Adesina
Techeconomy

Techeconomy

Next Post
NARTO

Mobility: Reasons NARTO Threatens to Stop Lifting Petrol

Leave a Reply Cancel reply

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

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

ThriveAgric and Heifer International

ThriveAgric, Heifer Int’l Partner to Provide 125,000 Smallholder Farmers with Access to Finance

2 years ago
LG showroom

Customer Experience with LG

2 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.