The African continent is home to some of the fastest growing economies on the planet, with numerous nations on the continent among the top 10 best performing economies globally.
The best performing economies in Africa have benefited from government policies and structural reforms, which have resulted in strong inclusive growth.
According to the International Monetary Fund’s (IMF) World Economic Outlook for 2016, a long list of African economies were in line to achieve positive growth above 3% for the year 2016.
We take a look at the 12 fastest growing economies in Africa last year.
Sources: IMF, WeForum, TheCable, CNBCAfrica.
At number 12, the Zambian economy provides growth that most first world countries would die for, at 3.8% for 2016. The southern African economy continues to perform well and reach new growth heights.
The Island nation is another of the fastest growing economies on the African continent. Opportunities are abundant in Madagascar, evidenced by an annual growth rate of around 4.1%.
Uganda has experienced excellent growth in the region of 5.3% during 2016, with the East African nation firmly putting itself on the map as an investment destination due to growth prospects.
Compared with most of the developed world, economic growth is relatively high in Africa, and Sierra Leone is the perfect example of this, with stunning growth projections of 5.3% during 2016 leading investors to take a look at the West African nation.
With growth that beats the inflation targets of many countries, describing the Central African Republic’s anticipated growth of 5.7% as healthy is an understatement, with the country able to boast incredibly high growth.
With close ties to China, and countless blessings in terms of natural resources, Mozambique is a southern African nation with bags of potential that has translated into economic growth – around 6% per year to be exact.
With 6.3% growth in Kenya, the sleeping giant that is the Kenyan economy is one of the most attractive investment opportunities on the African continent. Growth is expected to continue in the country, as it has for some time already.
East Africa is full of potential at the moment, and aside from Kenya there is also high growth coming out of Rwanda. President Paul Kagame and his government have worked hard to grow the economy in Rwanda, and the efforts are bearing fruit, with 6.3% growth experienced.
The little Red Sea republic of Djibouti has a great story to tell at the moment, and should use the impressive 6.5% growth projections to attract as much investment as they can.
At 6.6%, the Senegalese economy is growing in leaps and bounds as one of the numerous impressive West African economies in recent years. Senegal’s booming growth is set to continue for the next few years, providing investors with opportunities.
Second on this list is Tanzania, coming in at a whopping 6.9% growth rate. With countries like Nigeria in a recession, and South Africa unable to top 1% growth for 2016, the economic giants of Africa must be envious of Tanzania’s phenomenal economic growth.
With an incredible growth rate of around 8.5%, the world’s largest cocoa producer and exporter comes out on top in Africa in terms of the growth rate of their economy in 2016, providing other African countries with a wonderful example of the high level growth that is possible in Africa.