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Top 5 Biggest African Economies Based on GDP

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Africa, one of the most diverse continents on earth, is endowed with abundant natural resources, economic opportunities, and a vast market for consumer products.

With both the youngest and fastest-growing populations, its 54 nations hold immense potential for investment prospects.

First, Africa is home to some of the world’s fastest-growing economies, making it an attractive market for foreign investors seeking opportunities in emerging markets.

At the same time, the African economy is set to reach a GDP of $29 trillion by 2050, up from over $3 trillion, making it the second-fastest-growing economy globally, after Asia.

One effective method for comparing a nation’s wealth is evaluating its GDP, the value of all goods and services produced within a year.

Emerging Brand Africa looks at top 5 biggest African economies:

#5. Biggest African Economies: Morocco

The World Bank expects Morocco’s economic growth to increase slightly to 3.5 percent in 2023 and 3.7 percent in 2024, compared to last year’s 1.2 percent growth rate.

Furthermore, the bank’s annual Global Economic Prospects report forecasts that Morocco’s agriculture sector will “gradually” recover from last year’s severe drought, contributing to economic growth in 2023 and 2024.

#4. Biggest African Economies: Kenya

Kenya is also among biggest African economies with the economy is projected to grow at a 5.8 percent annual rate in 2023, down from the originally forecasted 6.1 percent rate, according to Central Bank Governor Patrick Njoroge. The IMF predicts a slower growth of 2.4% this year due to the Covid-19 pandemic, drought, election jitters, and disruption of global supply chains. Kenya’s GDP is expected to reach $117.6 billion this year, still making it one of the top regional economies to watch.

#3. Biggest African Economies: Nigeria

KPMG’s ‘2023 Global Economic Outlook’ reports that Nigeria’s GDP will grow at a relatively slow pace of 3 percent in 2023 due to challenges associated with the naira redesign and political transition. An expected global economic slowdown and its implications on trade and financial flows are likely to drag the country’s GDP, which recorded eight consecutive quarters of growth after exiting the pandemic-induced recession in 2020. The IMF predicts Nigeria’s GDP will hit $574 billion this year, maintaining its top spot in sub-Saharan Africa’s economic rankings.

#2. Biggest African Economies: Egypt

Famous for its ancient architecture, rich culture, and unique landscape, was a global center of knowledge, science, and development throughout antiquity. Today, Egypt is the United States’ 41st largest goods export market globally, the top export market for U.S. goods and services in Africa, and the fourth-largest export market in the Middle East. Despite a 20 percent drop in U.S – Egyptian trade in 2020 due to the COVID-19 pandemic, overall trade rebounded 18.1 percent from 2020 to 2021, reaching a value of $9.1 billion. Egypt’s strategic location connecting Europe, Africa, and Asia offers economic advantages. However, the country faces increasing inflation and large-scale portfolio outflows, pressuring its public finances and external accounts.

#1. Biggest African Economies: South Africa

The IMF predicts South Africa will remain the second-largest economy in sub-Saharan Africa, with a GDP of $422 billion this year. Despite a challenging past decade, South Africa houses over twice as many high-net-worth individuals as any other African country. Ranking 30th globally, it outpaces major economies such as Indonesia, Malaysia, and Thailand.