Africa is a continent of 54 countries, each with its own story to tell. Some African countries are far more developed than others, while others are still working to improve their standard of living. In this article, we’ll look at the African countries with the fastest growing economy in 2018. Starting off our list is Ethiopia. This East African country has seen incredible growth in recent years, and it doesn’t seem to be slowing down anytime soon.
Thanks to heavy investment in infrastructure and a burgeoning middle class, Ethiopia’s GDP is expected to grow by 7.5% in 2018. Next up is Cote d’Ivoire, also known as Ivory Coast. This West African country has been enjoying healthy economic growth for many years now, and that trend looks set to continue in 2018. With an expected GDP growth rate of 7.
5 African Countries With The Fastest Growing Economy 2018
5. Tanzania
Tanzania was the fastest-growing economy in Africa. The country’s GDP growth was 7.2%, and it is expected to grow by 6.8% in 2018. This growth is driven by investments in infrastructure, a booming services sector, and strong growth in agriculture.
Tanzania has made great strides in reducing poverty and improving education and health care access. However, much work remains to be done to reduce inequality and improve economic opportunities for women and young people.
The government of Tanzania is focused on creating an environment that encourages private sector investment and job creation. Accordingly, it has implemented several reforms to improve the business climate, including improving the quality of infrastructure, reducing bureaucracy, and developing a more skilled workforce.
4. Senegal
Senegal is a country located in West Africa. It is considered one of the most stable countries and has a fast-growing economy. In 2018, it was ranked as the African country with the fastest-growing economy.
Senegal has approximately 16 million people and a GDP of $23.5 billion. The country’s primary industries are agriculture, fishing, mining, and tourism. Senegal has seen significant economic growth due to increased investment in infrastructure and a growing services sector in recent years.
The government of Senegal has been working to improve the business environment by simplifying regulations and creating incentives for investment. As a result, foreign investment has been increasing in recent years. The country also enjoys close ties with France, which has been helping to promote economic development in Senegal.
3. Côte d’Ivoire
The Ivory Coast, also known as Cote d’Ivoire, is located in West Africa and has approximately 24 million people. The Ivory Coast is a former French colony and gained its independence in 1960. The World Bank has classified the Ivory Coast as an Upper Middle Income Country and has a GDP per capita of $2,600.
The Ivory Coast has seen steady economic growth in recent years, with a 5.8% GDP growth rate in 2018. This growth is due to strong performances in key sectors such as agriculture, services, and industry. As a result, the Ivory Coast is also one of the African countries with the fastest growing economy in 2018.
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2. Ethiopia
Africa’s economy is booming, and Ethiopia is one of the countries leading the charge. In 2018, Ethiopia was listed as one of the African countries with the fastest-growing economy. This is a remarkable feat for a country that has faced significant challenges. For example, Ethiopia is recovering from a drought that affected millions of people and led to food shortages. The government is also working to overcome political instability.
Despite these challenges, Ethiopia’s economy continues to grow quickly. This is thanks partly to the government’s efforts to promote economic growth. For example, the government has invested in infrastructure projects, such as roads and railways. It has also been encouraging private sector investment.
Ethiopia’s economy is expected to continue growing in 2019 and beyond. This makes it an attractive destination for investors looking to tap into Africa’s booming economy.
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1. Ghana
Ghana is an African country located on the Gulf of Guinea and the Atlantic Ocean, with approximately 27 million people. It is considered one of the fastest-growing economies globally, with a projected growth rate of 6.3% for 2018.
- This growth is attributed mainly to investments in oil and gas production and improvements in agriculture and infrastructure.
- The country has made significant strides in reducing poverty and improving education and health care, which has resulted in increased life expectancy and literacy rates.
- Ghana is also considered one of the most business-friendly countries in Africa, with a robust private sector and low corruption levels.
- There are many opportunities for investors in Ghana’s growing economy, including agriculture, tourism, manufacturing, and energy.
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