The 5 Fastest Growing Economies In Africa

Nigeria, Ivory Coast, Senegal, and Burkina Faso are among the fastest-growing economies in Africa for 2020. According to Quartz Africa's Yinka Adeogoke,  African countries are set to win this year. Using data from the IMF and the World Bank, Adegoke says top performers include Rwanda (8.1%), Cote d'Ivoire (7.3%), Ethiopia (7.2%), Senegal (6.8%), and Benin (6.7%).

Adegoke adds that the average economic growth forecasts until 2024 predict Senegal, Rwanda, Niger, Uganda, and Mozambique as the five fastest-growing over that period.

"Brookings analysts say there's a $16 billion opportunity if African countries fully implement the African Continental Free Trade Agreement," Adegoke said. 

 Source "African economies will outperform global growth in 2020"

In Sierra Leone, the 2019 African Economic Outlook (AEO) report said the current account deficit worsened to an estimated 16.9% of GDP in 2018 from 13% in 2017, due to increased imports of consumption goods and weak export performance.

According to the AEO, most of the country’s exports are unprocessed commodities such as gold, diamonds, iron ore, and cashew nuts, while the bulk of imports are rice, petroleum, and machinery.

Real GDP growth was projected to increase to 5.6% in 2019 and 5.8% in 2020. However, inflation remains high and dependence on primary commodity exports makes the country vulnerable to external shocks.

Sierra Leone Economic Outlook


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