STRONGEST ECONOMIES IN AFRICA


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    Written by: Meshack Masibo

    “When learning is purposeful, creativity blossoms. When creativity blossoms, thinking emanates. When thinking emanates, knowledge is fully lit. When knowledge is lit, economy flourishes.” A.P.J. Abdul Kalam

    The economic growth of African States has been a trudge like journey that has often been delayed by civil discord and unnecessary political manoeuvering. Nonetheless several countries in the continent have persistently grown in their economies. Recent data shows that the continent’s largest economies, are seeing a rebound from the sharp slowdown in 2016, but the recovery has been slow due to insufficient adjustment to low commodity prices and policy uncertainty. Furthermore, several oil exporters in the Central African Economic and Monetary Community (CEMAC) are facing economic difficulties.

    The latest data reveal that seven countries (Côte d’Ivoire, Ethiopia, Kenya, Mali, Rwanda, Senegal, and Tanzania) continue to exhibit economic resilience, supported by domestic demand, posting annual growth rates above 5.4% in 2015-2017. These countries house nearly 27% of the region’s population and account for 13% of the region’s total GDP.

    Economic diversification and investment-driven growth continue to make East Africa the region on the continent with the strongest economic growth, with a forecast of 6.3 percent growth in 2018, the latest report from the Institute of Chartered Accountants in England and Wales (ICAEW) has disclosed. According to the ‘Economic Insight report’, released on Wednesday, Ethiopia remains the region’s powerhouse, with growth forecast at 8.1 percent, and recent reforms under new Prime Minister Abiy Ahmed.

    According to the report, Kenya’s strong growth (forecast at 5.4 percent in 2018) results from a services boom. “While the economies are smaller, growth rates in Tanzania and Rwanda (both 6.7 percent) are extremely impressive.Perhaps surprisingly Uganda (discussed in more depth in a dedicated section in the report) receives more remittance income ($1.4bn in 2017) than Ethiopia ($816m) or South Africa ($837m

    Cote d’Ivoire comes 10th with a total of $48.14 billion as the country’s GDP as at April 2018. Ivory Coast is among the world’s largest producers and exporters of……Subscribe to Readmore………

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