Recent projections from the Economic Commission for Africa (ECA), a regional commission of the United Nations, indicate that African countries will dominate the world’s top 10 highest-growing economies in 2024.
The ECA’s report on Recent Economic and Social Developments in Africa indicates that Niger, Senegal, Ivory Coast, Democratic Republic of Congo (DRC), and Rwanda are anticipated to be the driving forces behind this economic surge.
Adam Elhi Raika, Director of the Macroeconomics and Governance Division at ECA, highlighted Africa’s robust economic performance, stating, “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.”
Rwanda is now known as a key factor in Africa’s economic growth story, utilizing innovation and diversification tactics. The country has achieved tremendous advances in fields like technology, agriculture, and tourism. Rwanda’s Vision 2050 intends to convert the country into a knowledge-based economy and a regional magnet for commerce and innovation, according to official papers.
In addition to domestic initiatives, Rwanda actively pursues regional integration efforts through initiatives like the African Continental Free Trade Area (AfCFTA). These efforts aim to capitalize on Rwanda’s strategic location and business-friendly environment to drive economic growth and prosperity.
Niger’s economic growth is expected to be fueled by a resurgence in agricultural production and an increase in crude oil production. However, the nation faces challenges such as susceptibility to adverse weather conditions and recent political disruptions. The report notes, “Recent military coups in Niger, together with sanctions from regional blocs, have disrupted economic activity and incurred significant social costs.”
Senegal is projected to experience significant economic growth driven by investments in private and infrastructure projects. However, the country’s political landscape, marked by ongoing elections, presents uncertainties that could impact short-term growth. The report highlights, “Residents in up to 15 African nations are participating in elections this year, including the recently concluded presidential elections in Senegal.”