Which are Africa’s fastest growing economies?

The Ivory Coast is Africa’s fastest growing
economy, according to the IMF’ latest World Economic Outlook . The West African nation’s GDP is expected to grow by 8.5% this year.
The Ivory Coast’s economy has benefited from government policies and structural
reforms, which have resulted in strong inclusive growth, according to the World
Bank . Strong economic activity has been
maintained through a strong aggregate
demand and increases in investment, both
public and private.
Following in second place is Tanzania, with
projected growth of just under 7% this year.
Senegal completes the top three, with 6.6%.
Countries from across Africa feature in the
top 10, emphasizing the economic gains
being felt around the continent.
As this map from the IMF highlights,
compared with much of the developed
world, economic growth is relatively high in
Africa. GDP in many African countries is
projected to grow by over 2% this year.
Image: IMF
However, ahead of the World Economic
Forum on Africa, it is important to recognise
the challenges that many African economies face – the commodities slump, currency devaluations and geo-security risks all threaten growth.

The Forum will highlight the need for diversification in order to ensure inclusive economic growth. The Fourth Industrial Revolution has the potential to create new industries and help reduce inequality across the continent. By implementing reforms and establishing partnerships, African nations can take advantage of these rapid
technological advances.
The World Economic Forum on Africa 2016 will take place in Kigali, Rwanda from 11-13 May.
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