Improving Real GDP Growth in Africa: A Path to Development
For Africa, the real Gross Domestic Product(GDP) growth means better living conditions and developmental advancement.
As indicated by the World Bank in its 2024 Africa Pulse report, real GDP growth in 27 Sub-Saharan African countries was predicted to increase in 27 Sub-Saharan African countries.
Eight of these countries were expected to experience growth of over 5%, with Côte d’Ivoire at 6.5%, Uganda at 6.0%, and Tanzania at 5.4%.
Efficiency improvements were mainly due to organisational changes and investments in public infrastructure. In the April 2024 Africa Pulse report, growth prospects for SSA in 2023 and 2024 were lowered by 0.2 and 0.4 percentage points, respectively.
More than half of the countries in Sub-Saharan Africa (23 out of 47) have had their growth forecasts for 2024 decreased because of the conflict in Sudan.
Sudan is one of the major countries that continues to hinder regional growth.
According to reports, the impact of Sudan’s conflict on the economy will cause economic activity to collapse by 20% in 2023 and 15% in 2024.
However, if Sudan is removed from the total estimates, economic growth in SSA will be more idealistic.
The economic activity in the region would then rise by 3.5% in 2024, a drop of 0.1 percentage points from the previous estimate.
On that note, here are the Top 10 African Economies with the highest GDP growth in mid-2024.
