The former French colony of Niger is located in the northwestern part of the continent. Over the last decade, the African market has experienced the entry of international corporations like Netflix, Google, Etc. Ethiopia is a well-known country in Africa, and the world, this country is the second leading country in term of Fastest Growing Economy in the whole of Africa continent. Ranking 4th with a GDP of $173.757 billion, the People’s Democratic Republic of Algeria is a North African country with an estimated population of over 42 million, making it the 33rd most populous country in the world. We have compiled a list of six growing economies in sub-Saharan Africa with the highest projected compounded annual growth rate (CAGR). South Africa is Africa’s 2nd producer of gold and this is one of its key exports. Since 2020 is seen as the start of a new decade, Brookings Institution’s annual Foresight Africa report looked at the average economic growth forecasts for the next five years till 2024. Ethiopia. Africa is a continent that offers great opportunities. Officially known as the Federal Republic of Nigeria, the West African country has a population of over 200 million, making it the 7th most populous country in the world. The IMF confirms and projects that Libya commercial growth rate is put at about 10.8 percent in 2020. Nigeria – GDP… Completing the top five fastest-growing major airports in Africa is Accra’s Kotoka International Airport, which has grown its number of departure seats at a rate of 8.8 percent over the past 12 months. 10. If there was ever a time for future-focused organisations to set up their business on the continent, it is now. Ghana as a nation is having a whopping GDP size of $50.6bn that is approximately to be $51bn and is projected to hit a 7.6 percent growth rate in 2020, Ghana as a nation Increase in Economic Growth than any other country in West Africa in the continent  from 6.3 percent growth in 2018, and now Ghana projected and confirm to hit 7.6percent growth rate in 2020. FUNCTIONS OF EDUCATIONAL AGENCIES IN NIGERIA 2020. In 2003-04, Goldman Sachs had coined the popular acronym BRIC namely According to the IMF, there will be a 6% increase across Africa’s continent with the North-African nation, Libya overtaking with 10.8 percent. Fastest growing industries in South Africa 2021 a year ago read comments by Priscillah Mueni Before getting into any business venture, it is vital to conduct a survey in the market and establish the gaps and possible opportunities. Economy: Ethiopia’s economy is mostly agriculture-based, but the government has made a push to diversify into manufacturing, textiles, and energy generation.But while the country has seen and will continue to see high GDP growth, per capita income remains ones of … The Arab Republic of Egypt as it is officially known has a GDP of $302.256 billion, earning the position of the 3rd largest economy in Africa. Open Programmes Privacy Policy The East African nation has an estimated population of over 48 million, making it the 29th most populous country in the world. Expanding into new markets should not be done a whim and international organisations should ensure to partner with experienced, verified and reliable market entry professionals like Workforce Group. Ghana is an Africa country geographically located in West Africa. With an increased number of opportunities for investment arising across Africa, several nations are starting to witness record growth rates . Legit.ng notes that seven out of the 10 listed countries are from the African continent. It is the 25th most populous country in the world with a population of over 58 million. The GDP size of Uganda is over $26bn and is expected to grow by 6% in 2019. TOP 10 BEST COUNTRIES IN AFRICA TO LIVE AND WORK 2020, TOP 10 MOST TECHNOLOGICALLY ADVANCED COUNTRIES IN AFRICA 2020, TOP 10 POOREST COUNTRIES IN THE WORLD 2020. To learn more about how you can successfully set up operations in African countries, download this guide we have put together for expanding your business into the Nigerian market or schedule a consultation here. This is based on the previous analysis and the expected developments over the years. However, to enjoy all the benefits of expanding into African nations, companies must develop a market entry strategy that is well aligned with the current realities and abundant opportunities to be found in Africa’s fastest growing markets. Tanzania is having a considerable GDP size of about $52.09bn, and also Tanzania is projected and confirms by IMF to grow by 6.6per cent in 2020, which has an increase in power rate from that of 2018 which is to be 5.8 percent. With a population of over 36 million, the Kingdom of Morocco as it is known officially sits as the 40th most populous country in the world. Libya as a nation is having a considerable GDP size of over $50.95bn. The three main exports in Angola include agricultural products such as citrus fruits, vegetables, semi-processed goods, phosphates and products of phosphate, and textiles. UAE currently has the 10 th fastest growing economies in the world in 2020. The largest African country in terms of landmass and the 10th largest in the world, with all but 2% of its exports being petroleum products. The Republic of Kenya has the 7th largest economy in Africa with a GDP of $99.246 billion. 3.9% since 2010 and reached $1.4 trillion in 2015. The Benin Republic is an African country geographically located in West Africa in the Africa continent, and this nation is rated as eighth in Africa to have the Fastest Growing Economic which was a result made available by the IMF in their 2020 top ten (10) fastest growing economies to watch. Known officially as the Republic of South Africa and the southernmost country on the continent; South Africa has the 2nd largest economy with a GDP of $358.839 billion. Top 20 Largest Economies In Africa. The Ivory Coast is an Africa country also known and recognized as “Cotedvoire” ivory coast is geographically located in West Africa, ivory coast as a nation is the fifth-Fastest Growing Economic Country in the continent, also this is a nation that is seen to be emerging and performing well in terms of economy which is as a result of unique investment, planned and implemented economic policies, Senegal is an Africa country; it is geographically located in the West African sub-region which is one of the leading Africa nations in terms of economy. Africa is one of the world’s fastest-growing consumer markets. As Africa’s largest oats market, Algeria also exports citrus fruits, olives, and dates. From the report, East Africa is set to lead the continent in improved economy with a 5.9 growth in 2019, followed by the North, Central, West and Southern Africa. Rahima Coulibaly, director of Brookings’ Africa Growth Initiative, predicts that in the next five years, “about half of the world’s fastest growing economies will be located on the continent.”. Angola, officially the Republic of Angola, has the 5th largest economy in Africa with a GDP of 124.6 billion. Six of the world’s ten fastest-growing economies are in Africa; for the period 2014-2050, PwC projects that Nigeria, South Africa, and Egypt will remain in the top ten. The Benin Republic is an African country geographically located in West Africa in the Africa continent, and this nation is rated as eighth in Africa to have the Fastest Growing Economic which was a result made available by the IMF in their 2020 top ten (10) fastest growing economies to watch. Agriculture in Egypt has however been deregulated, with exceptions to the production of sugar and cotton. [better-ads type=”banner” banner=”1472″ campaign=”none” count=”2″ columns=”1″ orderby=”rand” order=”ASC” align=”center” show-caption=”1″][/better-ads]. With a GDP of $62.22 billion, the United Republic of Tanzania has the 10th largest economy in Africa. The economic outlook for Sub-Saharan Africa (SSA) is positive, with growth rising to 5.3% in 2012, and 5.6% in 2013, over the pre-crisis average level of 5%. Top 5 fastest-growing economies in Africa. Vasu Raja, the airline’s vice president for planning, said the route was American’s “first step” to really developing an Africa network. IMF projected and confirmed that Ethiopian GDP size is estimated to be about $80.56bn. Africans are generally highly brand-loyal consumers. Located in the northeast corner of Africa, this country has a population of about 97.55 million, making it the 14th most populous country in the world. We have been helping businesses in the region achieve their strategic and growth objectives for the past 16 years and we are your best bet for doing the same. Expanding into African markets will require a significant amount of preparation and knowledge. In Africa, Nigeria ranks first in terms of farm output and its major agricultural exports are cocoa, rubber, palm oil and peanuts. 10. Angola is still plagued by the seven-year-long civil war that began after its independence but the country’s economy has been growing steadily since the war ended in 1975 and is currently considered as one of the fastest growing economies in the world. Agriculture is Africa’s largest economic sector, representing 15 percent of the continent’s total GDP, or more than $100 billion annually. Rwanda is an Africa country and is the third Fastest-Growing Economic in the continent, Rwanda is located in East-Africa is among one of the best stories of robust reforms and transformation, post the ugly civil war experience in 1994. UAE; GDP Growth Rate in 2015: 4.5%. Naturally, this country is split by the Great Rift Valley, and of course, it is a landlocked country. With a GDP of $91.166 billion, Ethiopia has the 8th largest growing economy in Africa. The data reveals that Ghana, which was previously forecast as the fastest growing economy in Sub-Saharan Africa in October 2017, at 8.9%, slowed in its predicted growth to 6.4%. This nation accounted for a GDP size of $26bn and is expected to have economic growth by 6 percent in 2020. Nigeria is also Africa’s largest crude oil supplier and has a prosperous agricultural sector that is accountable for 18% of its GDP and about a third of employment opportunities. The total real GDP growth, of 3.4% 2019, is forecast to increase to 3.9% in 2020 and to 4.1% in 2021. https://workforcegroup.com/articles/fastest-growing-economies-in-africa The presence of these organisations has contributed to making the African market highly competitive. Morocco is a Northern African country with a GDP of $119 billion, making it the 6th biggest economy in Africa. Libya is an Africa country that is geographically situated in the Maghreb region in North Africa, and this country is one of the leading and Fastest growing economic in African In 2020. Market Entry, Insight & Publications Since 2020 is seen as the start of a new decade, Brookings Institution’s annual Foresight Africa report looked at the average economic growth forecasts for the next five years till 2024. If you enjoyed reading this article, please share on social media and leave your comments, below. Plot 9, Gbagada Industrial Scheme, beside UPS, Gbagada-Oworonshoki Expressway, Lagos, Abuja  |  Port Harcourt  |  Ibadan  |   Kano  |  Enugu, Advisory You’re welcome. Kenya is an economic force in East-Africa and is a strategic nation in Africa, and she accounted for a total GDP size of around $74.94bn and IMF projects and confirms that Kenya has a 6.1 percent growth in the economy for the country in 2020. Africa is bestowed with young, fast-growing population. Find below the table of 2019 Top 10 Fastest Growing African Economies So that is all we have prepared for you on the list of Fastest Growing Economies In Africa for the year 2020. Some of the country’s main exports include gold, diamonds, coffee, cotton tea, and tobacco. This is an improved projection from 6 percent in 2018. 1. Other growing industries are tourism, textile production and food processing. With the rise in technological innovations, population growth, internet access, mobile phones usage; Africa’s emerging economies present new and exciting opportunities to multinational companies considering expansion into a foreign market. With a GDP of $446.543 billion, Nigeria has the largest economy in Africa and the 27th largest economy in the world. Nonetheless, with today’s developments in technology and widely available internet, some businesses can thrive within international environments with multi-cultural and multilingual communities. More also, this article features the economic rate of the high ten rated country in Africa, the GDP size of each country and location area of the precise countries to be estimated. Workforce Group © 2020. Expanding your operations globally is an exciting, yet at the same time, extremely challenging task. Since 2015, KenyaPrime has helped billions of people to learn how to solve problems. We have been helping businesses in the region achieve their strategic and growth objectives for the past 16 years and we are your best bet for doing the same. Some of the country’s main exports include crude petroleum, natural gas, nitrogenous fertilizers, insulated wire, gold, cement and ceramic. According to relevant datacourtesy of the Trading Economics, In the first quarter of 2018, Niger has managed to increase its gross domestic product (GDP… With a population of 20 million that is composed of a predominantly young population (with 49.2% aged under 15), there’s no doubt that Niger has a very strong growth potential. In 2019, the highest performing industry that contributed to the growth of the economy was agriculture, followed by mining and manufacturing. Workers plucking tea leaves on a plantation in Ethiopia. Friends, I am Adegboye a passionate writer, website developer, and internet addict, I love updating minds with informative updates. The Zone  In the whole of Africa continent, Ghana is believed to be the economic powerhouse even in West Africa. This sector will also cater to the majority, low-income tier of buyers and middle-class households, which will collectively have disposable incomes of … According to the record made available by the international monetary fund, it was confirmed that Senegal economy is growing at 6.7 percent in 20919 and also believe have a GDP of $16.9bn. Other significant exports are corn, diamonds, fruits, platinum, coal briquettes, sugar, and wool. Benin is having a GDP size of $9.7bn which was now approximate to $10bn and has been projected and confirms to grow by 6.3 percent in 2020. This is where trusted research and expert knowledge come together. Despite the challenges, Senior Vice President Charles Boamah remains hopeful and determined to say, “Africa has the means to overcome them by joining hands together and removing barriers to integration, Some Africa country is moving mightily to be the fastest growing economic country in the continent (Africa) The International Monetary Fund and African Development Bank have both done research and says something about the subject that all Africa’s country growth will increase in 2020 and 2020. do you want to know the top 10 fastest growing economies in Africa 2020? This population has been credited with the current economic boom all over the continent. Also,  Rwanda is projected to achieve a 7.8percent economic growth rate in 2020. This predicts Senegal (8.3%), Rwanda (7.9%), Niger (7.3%), Uganda (7.2%) and Mozambique (6.9%) as the five fastest growing over that period. The examples of both Nauru and Guyana tell us that static snapshots of a country’s GDP figures can be misleading, as many once-fast growing economies have seen quick and dramatic downfalls. Excluding South Africa, the continent’s largest economy, growth in Sub-Saharan Africa is forecast to rise to 6%. It is highly concentrated, with Egypt and Nigeria alone accounting for one-third of total agricultural output and the top ten countries generating 75 percent. Uganda is an Africa country that is geographically located in East Africa, this country is rated ninth among the Fastest Growing Economic in Africa 2020, Uganda as a nation has emerged and mark in the IMF top 10 fastest growing economies for 2020. It is also one of the countries in Gulf who is very closely integrated the world economy and is an important part of it. The data comes from World Bank’s Global Economic Prospects (G.E.P). At Workforce Group, we leverage on our extensive knowledge of the market and existing labour laws to help organisations expand their global footprints and effectively scale their operations into Africa. The top ten fastest growing economies in Africa will be discussed right in this article. ... 2020-11-20T14:33:00Z The Top 10 Fastest Growing Economies In Africa. © Copyright KenyaPrime Media - All right reserved. U.S. Nominal GDP: $21.44 trillion – U.S. GDP (PPP): $21.44 trillion The U.S. remains the world’s largest economy and this has been effective since 1971. Geographically, Ethiopia is located around the mid-East-Africa on the African Map. The United States is often seen as an economic superpower and that’s because the economy constitutes al… This forecast would change in the event of a deteriorating global economy. This figure is expected to reach $2.1 trillion by 2025, and $2.5 trillion by 2030. This country stood on the sixth position in terms of Fastest Growing Economy in the continent of Africa. Kenya One of the most technologically advanced country in Africa. Officially named the Federal Democratic Republic of Ethiopia, the country which is located in the horn of Africa has a population of about 114.96 million, making it the 12th most populous country in the world. And some of its main exports include gold, timber products, cocoa, and aluminium. Ibadan, Nigeria We are glad the article was helpful. Rwanda is an African country that has been confirmed to have a GDP size of  $9.14bn. The current size of the U.S. economy is estimated at $22.32 trillion in nominal terms. It has a GDP size of $74.94bn and IMF projects a 6.1% growth for the country in 2019. 9 Facts You Need To Know Before Expanding Your Business into Nigeria, Changes to the Nigerian Visa Application Policy for the Year 2020, High Performance Teamwork: Key to Business Success, Workforce Group announces ISO 9001:2015 Certification, 5 Tips for HR Professionals to Improve Business Acumen, 15 Key HR Metrics That Are Worth Measuring. Careers Leading the way are six economies among the world’s 10 fastest growing economies that include Ethiopia, Rwanda, Tanzania, Côte d’Ivoire, Benin, and Ghana. The top performers will be South Sudan (8.2%), Rwanda (8.1%) Côte d’Ivoire (7.3%), Ethiopia (7.2%), Senegal (6.8%), Benin (6.7%) and Uganda (6.2%) along with Kenya, Mozambique, Niger and Burkina Faso all expecting 6% growth. However, despite the growth prediction of the overall economy of the continent, only a few countries have actually experienced significant economic growth. AFRICANGLOBE – Africa is preparing to take its place in a future global economy which will see the earth’s population reach 10 billion by 2050.. TOP 10 FASTEST GROWING ECONOMIES IN AFRICA 2020- ALL YOU NEED TO KNOW, Conclusion On Top 10 Fastest Growing Economies In Africa 2020- All You Need To Know, TOP 10 RICHEST AFRICAN COUNTRIES 2020- POPULATION, GDP AND ALL YOU NEED TO KNOW, LIST OF CITIES IN CHINA, PROVINCE AND CITIES IN THE REGION OF CHINA, Top 10 Poorest States In The US 2021 [UPDATED RECORD], Top 10 Most Expensive Cities in the US 2021. 1. According to McKinsey 7 Company’s report ‘Lions on the Move: The Progress and Potential of African economies’, Africa’s combined Gross Domestic Product will be $2.6 trillion by 2020. Africa has six of the world’s 10 fastest growing economies this … Tech Recruitment Being a predominantly consumer market, it is no surprise that consumer expenditure on the continent has grown at a compound annual rate of 3.9% since 2010 and reached $1.4 trillion in 2015. Some Africa country is moving mightily to be the fastest growing economic country in the continent (Africa) The International Monetary Fund and African Development Bank have both done research and says something about the subject that all Africa’s country growth will increase in 2020 and 2020. This figure is expected to reach $2.1 trillion by 2025, and $2.5 trillion by 2030. Recommended Post: Changes to the Nigerian Visa Application Policy for the Year 2020. The small coastal city has a growth spurt of 77 people per hour and is arguably the most populated in the country. Ghana has a GDP of $68 billion, making it the 9th largest economy in Africa. The list is led by Ghana, followed by Ethiopia and Côte d’Ivoire, with Senegal and Tanzania occupying the fifth and sixth spots respectively. The industrial sector dominates Kenya’s growing economy, with the country’s primary industries being agriculture, manufacturing, and tourism. Recruitment and Assessment The new year 2020 marks the beginning of a promising decade for Africa. Tanzania is an African country geographically located in East-Africa, Tanzania as a nation is rated as the Seventh-Fastest Growing Economic in Africa. With a rapidly urbanising population, some of the most dynamic economies in the world and the fastest growing economies on the planet, Africa offers an unparalleled market opportunity for international organisations looking to expand. All rights reserved. Fastest growing economies – 2020 predictions. So, without further ado, let’s take a look at the top ten fastest growing economies of 2020. Hey! Kenya is an economic force in East-Africa and is a strategic nation in Africa. According to Akinwumi Adesina, the AfDB President, " The state of the continent is good. Both the African Development Bank and The International Monetary Fund have both done research and suggest something about the subject that all Africa’s country will experience a fast-growing economy in 2020 and 2020. Tag: Top 10 Fastest Growing Economies In The Africa 2020- All You Need To Know, Top 10 Fastest Growing Economies In The World 2020.