Nigeria Economy | |
Nigeria Economy | |
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Wednesday,
January 23, 2019 07.00PM / Bukola Akinyele for Proshare WebTV
The International
Monetary Fund and African Development Bank have both predicted that Africa’s
overall growth will improve in 2019 and 2020.
According to the IMF, there will be a 6% increase across the continent
with the North-African nation, Libya leading with 10.8 per cent.
The African Development
Bank on its part also projected an improved economic growth in its
2019 African Economic Outlook report.
It estimated that the African economy will increase to 4% this year and
4.1% in 2020.
According to Dr Akinwumi Adesina, the
AfDB President, "The state of the continent is good. Africa's
general economic performance continues to improve."
However, he added , that "it remains insufficient to address the structural
challenges." These issues include;
·
Risks
from uncertainty in escalating global trade tensions,
·
Normalization
of interest rates in advanced economies, and
·
Uncertainty
in global commodity prices could dampen growth."
Despite the challenges, Senior Vice
President Charles Boamah remains hopeful saying, "Africa has the means to
overcome them by joining hands together and removing barriers to integration
and drivers of migration."
IMF's Top 10 2019 African
Fastest Growing
Economies;
1.Libya
The fastest growing economy is Libya a North-African country with
a GDP size of over $50.95bn is a country in the Maghreb region. The IMF
projects an economic growth of 10.8 per cent.
2.Ethiopia
The Second fastest growing economy in the continent is Ethiopia a
country located in East-Africa and the horn
of the continent, and a landlocked country split by the Great Rift Valley.
IMF projects that Ethiopia with a GDP size of about $80.56bn will grow
by 8.5% in the year 2019.
3.Rwanda
Rwanda a country located in East-Africa is one
of the best stories of robust reforms and transformation, post the ugly civil
war experience in 1994.
With a GDP size of $9.14bn Rwanda is
projected to achieve a 7.8% growth rate in 2019.
4. Ghana
Ghana is an economic power house in West Africa
with a GDP size of approximately $51bn and is projected to hit a 7.6% growth in
2019, from 6.3% in 2018.
5.Ivory Coast
The Ivory Coast also known as “Cotedvoire” is
another West African emerging economic powerhouse with remarkable reforms, that
has made it a unique investment destination in Africa.
With a GDP size of about $41bn Ivory Coast is
projected by IMF to grow by 7.0% in 2019.
6. Senegal
Senegal a country located in the West African
sub-region is the sixth fastest growing economy to watch in 2019.
IMF projects that Senegal with a GDP size of
approximately $17bn will grow by 6.7% in 2019.
7. Tanzania
Tanzania a country located in East-Africa has a GDP size of about
$52.09bn and is projected by IMF to grow by 6.6% in 2019, from 5.8% in 2018.
8.Benin
Benin Republic is a country located in West Africa made the IMF 2019 top
ten (10) fastest growing economies to watch in 2019.
It has a GDP size of approximately $10bn and has been projected to grow
by 6.3 per cent in 2019.
This is an improved projection from 6% in 2018.
9.Uganda
Uganda is another East-African nation that
emerged in the IMF top 10 fastest growing economies for 2019.
The GDP size of Uganda is over $26bn and is
expected to grow by 6% in 2019.
10. Kenya
Kenya is an economic force in East-Africa and is
a strategic nation in Africa. It has a GDP size of $74.94bn and IMF projects a
6.1% growth for the country in 2019.
Find below the table of 2019 Top 10
Fastest Growing African Economies
Country |
IMF
2019 Growth Projection |
Libya |
10.8% |
Ethiopia |
8.5% |
Rwanda |
7.8% |
Ghana |
7.6% |
Ivory
Coast |
7% |
Senegal |
6.7% |
Tanzania |
6.6% |
Benin |
6% |
Uganda
|
6% |
Kenya |
6.1% |
Source:
Trading Economics
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