10 African countries projected to have the lowest economic growth in 2024
10 African countries projected to have the lowest economic growth in 2024
Business Insider Africa presents the top 10 African countries projected to have the lowest economic growth in 2024.
This list is courtesy of the International Monetary Fund.
Equatorial Guinea has its own economic growth percentage of less than zero.
The global economic environment is always changing, and as 2024 approaches, certain nations are exhibiting encouraging signals of notable economic development, while the prospects of others are not exactly as encouraging.
Africa is no exception as some countries are projected to experience a rapid economic rise, while some are projected to live less than their full potential.
While the continent has shown resilience and potential for growth in various sectors, certain nations face challenges that might impede their economic advancement.
Factors such as political instability, external debt burdens, inadequate infrastructure, and reliance on specific sectors are contributing to the projected slow growth in some African economies.
According to the International Monetary Fund, the growth of developing and emerging market economies is expected to moderately fall from 4.1% in 2022 to 4.0% in 2023 and 2024, as seen in its October World Economic Output report.
The report titled, Navigating Global Divergencies also noted that global inflation is expected to gradually decrease as a result of tighter monetary policy supported by decreasing international commodity prices, from 8.7% in 2022 to 6.9% in 2023 and 5.8% in 2024.
This underscores the sluggish economic performance some African countries are projected to experience, and below are 10 of the worst hits.
1. Equatorial Guinea -5.5
2. Sudan 0.3
3. South Africa 1.8
4. Tunisia 1.9
5. Lesotho 2.3
6. São Tomé and PrÃncipe 2.4
7. Central African Republic 2.5
8. Gabon 2.6
9. Ghana 2.7
10 Namibia 2.7
Cc:CHINEDU OKAFOR
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