20 Fastest Developing Countries in 2024

 20 Fastest Developing Countries in 2024

Published on April 2, 2024 at 7:09 pm by TALHA QURESHI in Business, Economy, Lists, News

In this article, we will look at the 20 fastest developing countries in 2024. If you want to skip our detailed analysis, you can go directly to the 5 Fastest Developing Countries in 2024.

The global economic landscape faces a series of challenges, including the slowed economic recovery as an aftermath of the pandemic, geo-political conflicts in the shape of the Russia-Ukraine crises, increased cost of living around the world, and the side effects of tight monetary and fiscal policies. Due to these challenges, the global growth projections remain below the historical average of 3.8%. However, despite a tough economic outlook, some regions, including Africa, continue to demonstrate resilient growth and form a greater part of our list of 20 fastest developing countries in 2024.

Africa an Emerging Economy

Africa is an Emerging economy and has remained resilient despite various economic shocks over the past few years. According to the African Development Bank, 15 African countries posted an economic expansion of more than 5% in 2023. Moreover, the region is expected to claim 11 out of 20 positions on the list of fastest-growing economies in 2024. The economic landscape of Africa is characterized by the cross-regional performance variation across different countries. Factors behind cross-regional performance variations include a less commodity-dependent economy, economic diversification, increased investment in key strategic growth sectors, rising public and private sector consumption, and a developing export market.

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20 Fastest Developing Countries in 2024

In this article, we will look at the 20 fastest developing countries in 2024. If you want to skip our detailed analysis, you can go directly to the 5 Fastest Developing Countries in 2024.

The global economic landscape faces a series of challenges, including the slowed economic recovery as an aftermath of the pandemic, geo-political conflicts in the shape of the Russia-Ukraine crises, increased cost of living around the world, and the side effects of tight monetary and fiscal policies. Due to these challenges, the global growth projections remain below the historical average of 3.8%. However, despite a tough economic outlook, some regions, including Africa, continue to demonstrate resilient growth and form a greater part of our list of 20 fastest developing countries in 2024.

Africa an Emerging Economy

Africa is an Emerging economy and has remained resilient despite various economic shocks over the past few years. According to the African Development Bank, 15 African countries posted an economic expansion of more than 5% in 2023. Moreover, the region is expected to claim 11 out of 20 positions on the list of fastest-growing economies in 2024. The economic landscape of Africa is characterized by the cross-regional performance variation across different countries. Factors behind cross-regional performance variations include a less commodity-dependent economy, economic diversification, increased investment in key strategic growth sectors, rising public and private sector consumption, and a developing export market.

Africa suffered a slow growth rate in 2023 due to multiple shocks, and the effects are expected to be reflected in the 2024 growth projections. According to a report by the African Development Bank, Africa’s average real GDP growth was estimated to be 3.2% in 2023 against a growth rate of 4.1% in 2022. The slower growth rates are attributed to the weak economic recovery after the pandemic, geo-political fragmentation, the Russia-Ukraine crisis, and the recent conflict in the Middle East. In addition to these external factors, internal factors, including political instability, weaker exports, and tight fiscal and monetary policies, have disrupted the region’s economic growth momentum. To read more about Africa’s best and worst-performing countries, you can look at the 20 Largest Economies in Africa Ranked by PPP and the 35 Poorest Countries in Africa Based on 2023 GDP Per Capita.

Looking ahead, the growth in the Central African region is projected to weaken from 3.8% in 2023 to 3.5% in 2024 before rebounding to 4.1% in 2025. Even with the subdued performance, the growth rates for 13 African countries are projected to be 1% higher than in 2023. Moreover, the region is on track to remain the second fastest growing globally, second only to Asia.  

Leading Companies in Africa

MTN Group Limited (JSE:MTN), Vodacom Group Limited (JSE:VOD), and Naspers Limited (JSE:NPN) are some of the leading companies driving growth in Africa. If you want to read more about the business landscape of Africa, you can look at the 15 Untapped Small Business Ideas In Africa in 2023.

MTN Group Limited (JSE:MTN) is a leading integrated telecommunication service provider in South Africa. The company engages in the provision of broadband and Internet products and services for national and international customers. Moreover, MTN Group Limited (JSE:MTN) is a leading internet provider in 13 Middle Eastern and African countries and holds mobile licenses in 21 countries. On February 29, MTN Group Limited (JSE:MTN) announced signing a Memorandum of Understanding (MoU) with Ericsson to boost sustainability and digital skills across Africa. Under this collaboration, both companies will explore opportunities to develop and promote innovation in communication technologies while emphasizing the decarbonization of their value chain ecosystem.   

Vodacom Group Limited (JSE:VOD) is a subsidiary of Vodafone Group plc (NASDAQ:VOD) and a leading mobile communication company that provides various services to individuals and businesses. Based in South Africa, Vodacom Group Limited (JSE:VOD) operates in providing voice, data, internet connectivity, and cloud management services. The company also runs a financial service platform, M-Pesa, that allows users to access digital transactions. On March 7, Vodacom Group Limited (JSE:VOD) announced its partnership with Microsoft Corporation’s (NASDAQ:MSFT) South African unit to bolster digital skills for in-demand jobs in the region. Under the collaboration, both companies will work together to reduce the 44% unemployment rate among South Africans. The online training courses would be available free of cost at the Mzansi Digital Learning platform and will provide literacy on topics including digital economy, business, cyber security, and artificial intelligence.   

Naspers Limited (JSE:NPN) is a leading South African multinational company that provides internet, e-commerce, and media services. Naspers Limited (JSE:NPN) is also a leading investor in the technology industry and invests in global internet companies worldwide. Moreover, the company has investments in integrated social networks, including Tencent Holdings Limited (HKG:0700). Naspers Limited (JSE:NPN) has a business presence in Africa, Europe, Latin and North America, Asia-Pacific, and the Middle East.  

With this context, let’s look at the 20 fastest developing countries in 2024. 

Our Methodology

To compile the list of the 20 fastest developing countries in 2024, we relied on two indicators: real GDP growth rates and GDP per capita growth rate. Both of these indicators are good measures of determining economic growth. The real GDP growth indicates an improved economy, whereas the GDP per capita growth measures the change in output per person. We have sourced real GDP growth rates from the IMF. We calculated the annual GDP per capita growth rate for each country between 2022 and 2023 using GDP per capita current prices (US dollars per capita) data from the IMF. The list is ranked in ascending order of the real GDP growth rate primarily and GDP per capita growth rate secondarily. The secondary metric was used to break the tie when a tie-break was necessary.

20 Fastest Developing Countries in 2024

20. Gambia 

Real GDP Growth Rate (2023): 5.6%

GDP Per Capita Growth Rate (2023): 7.28% 

Gambia is a small country in West Africa that ranks 20th on our list of fast developing countries. It had a real GDP growth rate of 5.6% and a GDP per capita growth rate of 7.28% in 2023. 

19. Guinea

 Real GDP Growth Rate (2023): 5.9%

GDP Per Capita Growth Rate (2023): 11.5%

Ranking 19th on our list of fastest developing countries is another West African country, Guinea. Guinea experienced a real GDP growth rate of 5.9% in 2023, and its GDP per capita grew by 11.5% during the same year.

18. Bangladesh

Real GDP Growth Rate (2023): 6%

GDP Per Capita Growth Rate (2023): -4.01%

Bangladesh is a South Asian country and ranks as the 18th fastest developing country in 2024. It had a real GDP growth rate of 6% and a GDP per capita growth rate of -4.01% in 2023. 

17. Panama

Real GDP Growth Rate (2023): 6%

GDP Per Capita Growth Rate (2023): 6.25%

Panama is a Central American country on the Caribbean and Pacific Ocean coast. It ranks 17th on our list of fastest developing countries in 2024. The country experienced real GDP growth of 6% in 2023, and its GDP per capita grew by 6.25% during the same year.  

16. Ethiopia

Real GDP Growth Rate (2023): 6.1%

GDP Per Capita Growth Rate (2023): 27.4%

Ethiopia is an East African country ranking 16th on our list. The country had a real GDP growth rate of 6.1% and a GDP per capita growth rate of 27.4% in 2023. 

15. Rwanda

Real GDP Growth Rate (2023): 6.2%

GDP Per Capita Growth Rate (2023): 2.68%

Rwanda is another African country ranking on our list of fastest developing countries in 2024. The country had a real GDP growth rate of 6.2% and a GDP per capita growth rate of 2.68% in 2023.  

  14. Saint Vincent and the Grenadines

Real GDP Growth Rate (2023): 6.2%

GDP Per Capita Growth Rate (2023): 9.61%

Saint Vincent and the Grenadines is an Island country in the eastern part of the Caribbean Sea. It is one of the fastest developing countries in 2024. The country posted a growth of 6.2% in its real GDP in 2023. Moreover, the GDP per capita of Saint Vincent and the Grenadines grew by 9.61% during the same year.

13. Cote d’Ivoire

Real GDP Growth Rate (2023): 6.2%

GDP Per Capita Growth Rate (2023): 10.31%

Cote d’Ivoire ranks as the 13th fastest developing country in 2024. The country’s real GDP grew by 6.2% in 2023, with a GDP per capita growth rate of 10.31%.  

12. Georgia

Real GDP Growth Rate (2023): 6.2%

GDP Per Capita Growth Rate (2023): 22.39%

Georgia is an Eastern European and Western Asian country. Its real GDP grew at a rate of 6.2% in 2023. Georgia ranks as the 12th fastest developing country in 2024. 

11. India

Real GDP Growth Rate (2023): 6.3%

GDP Per Capita Growth Rate (2023): 9.22%

India is another South Asian Country that occupies a greater part of Asia. India posted a real GDP growth rate of 6.3% in 2023. It ranks as the 11th fastest developing country in 2024. 

10. Tajikistan

Real GDP Growth Rate (2023): 6.5%

GDP Per Capita Growth Rate (2023): 10.62%

Tajikistan posted a growth of 6.5% in its real GDP for 2023. Moreover, it had a GDP per capita growth rate of 10.62% during the same year. It stands 10th on our list of fastest developing countries in 2024. 

9. Democratic Republic of Congo

Real GDP Growth Rate (2023): 6.7%

GDP Per Capita Growth Rate (2023): -0.60%

Democratic Republic of Congo witnessed a real GDP growth of 6.7% in 2023. Moreover, its GDP per capita grew at a rate of -0.60%. It ranks 9th on our list of fastest developing countries in 2024. 

8. Mozambique

Real GDP Growth Rate (2023): 7%

GDP Per Capita Growth Rate (2023): 11.37%

Mozambique is an East African Country ranking 8th on our list. It had a real GDP growth rate of 7% and a GDP per capita growth rate of 11.37% in 2023. 

7. Armenia

Real GDP Growth Rate (2023): 7%

GDP Per Capita Growth Rate (2023): 25.74%

Armenia is the 7th fastest developing country. It had a real GDP growth rate of 7% and a GDP per capita growth rate of 25.74% in 2023.  

6. Fiji

Real GDP Growth Rate (2023): 7.5%

GDP Per Capita Growth Rate (2023): 10.05%

The economy of Fiji is experiencing strong growth; its real GDP grew by 7.5% in 2023, and the country posted a per capita GDP growth rate of 10.05% during the same year. It ranks 6th among the 20 fastest developing countries in 2024.

5. Samoa

Real GDP Growth Rate (2023): 8%

GDP Per Capita Growth Rate (2023): 11.96%

Samoa is an island country in Oceania. It ranks 5th amongst the fastest-developing countries with a real GDP growth rate of 8% and a GDP per capita growth rate of 11.96% in 2023.

4. Maldives

Real GDP Growth Rate (2023): 8.1%

GDP Per Capita Growth Rate (2023): 10%

Maldives is a South Asian country that ranks 4th on our list of fastest-developing countries in 2024. The country posted a real GDP growth of 8.1% and a growth of 10% in its GDP per capita in 2023.

3. Libya

Real GDP Growth Rate (2023): 12.5%

GDP Per Capita Growth Rate (2023): 5.29%

Libya, a North African country, ranks 3rd on our list of fastest-developing countries. The country’s real GDP grew by 12.5%, with a GDP per capita growth rate of 5.29% in 2023.

2. Guyana

Real GDP Growth Rate (2023): 38.4%

GDP Per Capita Growth Rate (2023): 12.04%

Guyana witnessed a real GDP growth of 38.4% in 2023. Moreover, its GDP per capita grew by 12.04% during the same year. It ranks 2nd on our list of fastest-developing countries in 2024.

1. Macao (Special Administrative Region of China)

Real GDP Growth Rate (2023): 74.4%

GDP Per Capita Growth Rate (2023): 72.15%

Macao is a special administrative region of China and the fastest-developing country in 2024. The country had a real GDP growth rate of 74.4% and a GDP per capita growth rate of 72.15% in 2023

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20 Countries Most in Debt to China

20 Countries Most in Debt to China

Talha Qureshi

Nb: you can skip the introductory part and go straight to the countries. 

In this article, we look at 20 countries most in debt to China. 

The Situation of International External Debt

The external debt situation for low and middle-income countries (LMICs) has changed drastically over the last decade and is out-pacing the economic growth of these countries, thereby raising serious concerns. The situation is even worse for poor countries where external debt stocks have risen at the fastest pace as compared to other LMICs. Moreover, the debt vulnerabilities exacerbated in many low-income countries eligible for International Development Association (IDA) resources. The debt accumulation in these countries has increased to the extent that more than 60% of IDA-eligible countries were marked to be at high risk of debt distress in 2023. According to the International Debt Report 2023 by the World Bank, the external debt stocks for LMICs decreased marginally by 3.4% from $9.3 trillion in 2021 to $9.0 trillion in 2022. However, it increased by 2.7% for IDA-eligible countries during the same year, reaching an all-time high of $1.1 trillion. To read more about highly indebted regions you can look at 20 Countries Most in Debt to IMF and 15 Cities with the Highest Debt in the US.

China: The Largest Bilateral Creditor to Low and Middle Income Countries

China has been one of the fastest-growing economies over the past two decades, with its annual average gross national income growth averaging over 13%. China finds itself at an interesting spot in the international external debt landscape. On the one hand, it is characterized as the largest bilateral creditor to LMICs, but on the other hand, it is also the largest borrower amongst the same group. China received approximately 40% of the total net financial inflows to LMICs from 2012 to 2022. The total financial net inflows from external creditors to China during this period amounted to $4 trillion, with 32% of this amount as debt-creating flows and the remaining 68% as equity inflows consisting of portfolio equity and foreign direct investment. To read more about China, you can look at 15 Countries with the Highest Exports to China

On the contrary, China became the largest creditor to LMICs, with the group's combined public and publicly guaranteed external debt to China amounting to $180 billion in 2022. A greater proportion of this debt went to large infrastructure projects and extraction industries in African countries, with the region accounting for 44% of the LMIC's total debt to China. Moreover, in South Asia, the external debt to China went up approximately sevenfold from $6.4 billion in 2012 to $42.9 billion in 2022, with Pakistan alone accounting for two-thirds of the increase. According to the report, China's major lending is directed to three major avenues: oil-producing countries, mineral-rich countries in Sub-Saharan Africa, and neighboring countries associated with China's Belt and Road initiative.  

Major Companies Driving Economic Growth in China

BYD Company Limited (OTC:BYDDF), JD.com, Inc (NASDAQ:JD), and NIO Inc. (NYSE:NIO) are some of the major companies leading the economic growth in China.

BYD Company Limited (OTC:BYDDF) is a leading international automotive company based in Hong Kong, China. The company operates in various market segments through its subsidiaries, including mobile headset components, assembly-related products, and the automotive and battery business. On March 22, BYD Company Limited (OTC:BYDDF) announced the official debut of its electric cars in the Greek market. BYD Company Limited (OTC:BYDDF), with its dealer partner Sfakianakis Group, started the sales of its cars in Greece, with BYD ATTO 3 (C-SUV) and BYD SEAL (D-Sedan) being the first two models ready for distribution to the market. 

JD.com, Inc (NASDAQ:JD) is a leading supply chain technologies company in China. The company operates through an online platform that provides services for third-party merchants, retailers, and marketing services providers. On March 6, JD.com, Inc (NASDAQ:JD) announced earnings for the fiscal fourth quarter of 2023. The company reported earnings per share of $0.74, outperforming expectations by $0.11. The company's revenue for the quarter amounted to $42.52 billion and outperformed market consensus by $914.8 million. Here are some comments from JD.com, Inc's (NASDAQ:JD) earnings call for Q4, 2023: 

In this article:

In this article, we look at 20 countries most in debt to China. If you want to skip our detailed analysis, you can go directly to the 5 Countries Most in Debt to China.

The Situation of International External Debt

The external debt situation for low and middle-income countries (LMICs) has changed drastically over the last decade and is out-pacing the economic growth of these countries, thereby raising serious concerns. The situation is even worse for poor countries where external debt stocks have risen at the fastest pace as compared to other LMICs. Moreover, the debt vulnerabilities exacerbated in many low-income countries eligible for International Development Association (IDA) resources. The debt accumulation in these countries has increased to the extent that more than 60% of IDA-eligible countries were marked to be at high risk of debt distress in 2023. According to the International Debt Report 2023 by the World Bank, the external debt stocks for LMICs decreased marginally by 3.4% from $9.3 trillion in 2021 to $9.0 trillion in 2022. However, it increased by 2.7% for IDA-eligible countries during the same year, reaching an all-time high of $1.1 trillion. To read more about highly indebted regions you can look at 20 Countries Most in Debt to IMF and 15 Cities with the Highest Debt in the US.

China: The Largest Bilateral Creditor to Low and Middle Income Countries

China has been one of the fastest-growing economies over the past two decades, with its annual average gross national income growth averaging over 13%. China finds itself at an interesting spot in the international external debt landscape. On the one hand, it is characterized as the largest bilateral creditor to LMICs, but on the other hand, it is also the largest borrower amongst the same group. China received approximately 40% of the total net financial inflows to LMICs from 2012 to 2022. The total financial net inflows from external creditors to China during this period amounted to $4 trillion, with 32% of this amount as debt-creating flows and the remaining 68% as equity inflows consisting of portfolio equity and foreign direct investment. To read more about China, you can look at 15 Countries with the Highest Exports to China. 

On the contrary, China became the largest creditor to LMICs, with the group's combined public and publicly guaranteed external debt to China amounting to $180 billion in 2022. A greater proportion of this debt went to large infrastructure projects and extraction industries in African countries, with the region accounting for 44% of the LMIC's total debt to China. Moreover, in South Asia, the external debt to China went up approximately sevenfold from $6.4 billion in 2012 to $42.9 billion in 2022, with Pakistan alone accounting for two-thirds of the increase. According to the report, China's major lending is directed to three major avenues: oil-producing countries, mineral-rich countries in Sub-Saharan Africa, and neighboring countries associated with China's Belt and Road initiative.  

Major Companies Driving Economic Growth in China

BYD Company Limited (OTC:BYDDF), JD.com, Inc (NASDAQ:JD), and NIO Inc. (NYSE:NIO) are some of the major companies leading the economic growth in China.

BYD Company Limited (OTC:BYDDF) is a leading international automotive company based in Hong Kong, China. The company operates in various market segments through its subsidiaries, including mobile headset components, assembly-related products, and the automotive and battery business. On March 22, BYD Company Limited (OTC:BYDDF) announced the official debut of its electric cars in the Greek market. BYD Company Limited (OTC:BYDDF), with its dealer partner Sfakianakis Group, started the sales of its cars in Greece, with BYD ATTO 3 (C-SUV) and BYD SEAL (D-Sedan) being the first two models ready for distribution to the market. 

 

JD.com, Inc (NASDAQ:JD) is a leading supply chain technologies company in China. The company operates through an online platform that provides services for third-party merchants, retailers, and marketing services providers. On March 6, JD.com, Inc (NASDAQ:JD) announced earnings for the fiscal fourth quarter of 2023. The company reported earnings per share of $0.74, outperforming expectations by $0.11. The company's revenue for the quarter amounted to $42.52 billion and outperformed market consensus by $914.8 million. Here are some comments from JD.com, Inc's (NASDAQ:JD) earnings call for Q4, 2023: 

Service revenues grew by 3% year-on-year in Q4 and 18% on a full year basis, primarily driven by the growth of logistics and other service revenues, which were up 8% and 30% year-on-year for the quarter and full year, respectively. Marketplace and marketing revenues were down 4% year-on-year in Q4 and up 3% on a full year basis. The soft performance in the quarter was primarily due to the decline in commission revenues as a result of our enhanced support for fast-growing new merchants. While advertising revenues also experienced one-off headwinds in Q4, mainly due to the seasonality impact of Chinese New Year Shopping Festival, we believe those were short-term fluctuations and our platform is progressing well on our current strategy with a fast expanding base of active 3P merchants and accelerated growth in both 3P users and 3P order volumes.

NIO Inc. (NYSE:NIO) is a leading smart electric vehicle company in China. The company researches, manufactures, and sells flagship electric cars and other battery products. NIO Inc. (NYSE:NIO) has an operational presence in China, Hong Kong, Netherlands, Germany, Norway, and the United States. On February 26, NIO Inc. (NYSE:NIO) reported entering into a technology license agreement with Forseven Limited through its wholly-owned subsidiary NIO Technology (Anhui) Co., Ltd. As a result of this agreement, NIO Inc. (NYSE:NIO) will give a non-exclusive and non-transferable worldwide license to Forseven Limited, allowing it to access certain technology, technical information, technical solutions, and intellectual property rights of the company

China is one of the fastest growing economies in Asia and is also one of the top creditors to low and middle income regions. With this context, let's look at the 20 countries most in debt to China.

20 Countries Most in Debt to China

Our Methodology

To compile the list of 20 countries most in debt to China, we relied on the World Bank's Databank. Within the Databank, we used the International Debt Statistics data to get the total external debt stock values (DOD, current US$) each country owes to China. External debt stocks refer to the total external debt of a country to its counterpart, which for this article is China. The latest available data was for 2022. The list is ranked in ascending order of countries' total external debt as of 2022.

20 Countries Most in Debt to China

20. Argentina

Total External Debt to China (2022): $2.86 billion

Argentina is a South American country that ranks as the 20th country most in debt to China. The total external debt of Argentina to China in 2022 amounted to approximately $2.86 billion. 

19. Mongolia

Total External Debt to China (2022): $3.02 billion

Mongolia is an East Asian country that borders itself with China and Russia. It ranks 19th on our list of 20 countries most in debt to China. The country's total external debt to China in 2022 amounted to $3.02 billion.  

18. Brazil

Total External Debt to China (2022): $3.38 billion

Brazil, another South American country, owed approximately $3.38 billion to China as external debt in 2022. The country ranks 18th on our list. 

17. Republic of the Congo

Total External Debt to China (2022): $3.42 billion

The Republic of the Congo, also known as the Congo (Brazzaville), is an African country ranked as the 17th country most in debt to China. The total external debt of Congo to China was $3.42 billion in 2022. 

16. South Africa

Total External Debt to China (2022): $3.43 billion

South Africa owed $3.43 billion to China as external debt in 2022, making it the 16th country most in debt to China. 

15. Cameroon

Total External Debt to China (2022): $3.78 billion

Cameroon is a Central African country ranking 15th on our list of 20 countries most in debt to China. The country owed China approximately $3.78 billion as total external debt in 2022.  

14. Côte d'Ivoire

Total External Debt to China (2022): $3.85 billion

Côte d'Ivoire is a West African country characterized by its beach resorts and rainforests. The country ranks 14th on our list, and its total external debt to China in 2022 amounted to $3.85 billion. 

13. Belarus

Total External Debt to China (2022): $3.92 billion

Belarus ranks as the 13th country most in debt to China. It is a landlocked country situated in Eastern Europe. The total external debt of Belarus to China amounted to $3.92 billion in 2022. 

12. Cambodia

Total External Debt to China (2022): $4.01 billion

Cambodia is a Southeast Asian country with an important geographical location providing river trade routes linking China to India and the rest of Southeast Asia. It ranks as the 12th country most in debt to China, with its total external debt amounting to $4.01 billion in 2022. 

11. Ecuador

Total External Debt to China (2022): $4.14 billion

Ranking 11th on our list is Ecuador, another South American country known for its environmental diversity. Ecuador's total external debt to China amounted to $4.14 billion in 2022. 

10. Nigeria

Total External Debt to China (2022): $4.29 billion

Nigeria is a West African country with a total external debt of $4.29 billion to China in 2022. It ranks among the top 10 countries most in debt to China.  

9. Egypt

Total External Debt to China (2022): $5.21 billion

Egypt ranks 9th on our list of countries most in debt to China. It is at an important geographical position linking Northeast Africa to the Middle East. The country owed China $5.21 billion as total external debt in 2022.

8. Lao People's Democratic Republic

Total External Debt to China (2022): $5.25 billion

Lao People's Democratic Republic is a Southeast Asian country ranking 8th on our list. Laos had a total external debt of $5.25 billion to China in 2022. 

7. Bangladesh

Total External Debt to China (2022): $6.05 billion

Bangladesh, another South Asian country, ranks as the 7th country most in debt to China. It owed China approximately $6.05 billion as total external debt in 2022. 

6. Zambia

Total External Debt to China (2022): $6.08 billion

Zambia is a landlocked country situated in the African region. The country stands as the 6th country most in debt to China on our list, with a total external debt of $6.08 in 2022. 

5. Kenya

Total External Debt to China (2022): $6.69 billion

Kenya ranks as the 5th country most in debt to China. It is an East African country with its Indian Ocean coast providing historically important ports linking the Arabian and Asian regions to Africa. The country owed China a total external debt of $6.69 billion in 2022.

4. Ethiopia

Total External Debt to China (2022): $6.82 billion

Ethiopia is the 4th country most in debt to China on our list. It is a landlocked country in Africa, with its total external debt to China amounting to $6.82 billion in 2022.

3. Sri Lanka

Total External Debt to China (2022): $8.84 billion

Sri Lanka is an island country in the Indian Ocean. It is situated at a strategically important location at the crossroads of maritime routes traversing the Indian Ocean. Sri Lanka owed China a total of $8.84 billion as total external debt in 2022.

2. Angola

Total External Debt to China (2022): $20.98 billion

Angola is a Southwestern African country ranking 2nd on our list of countries most in debt to China. Luanda is its capital city and a commercial center, characterized by its large port on the northern coast and modern industrial complexes. The country owed China a total of $20.98 billion as external debt in 2022. 

1. Pakistan

Total External Debt to China (2022): $26.60 billion

Pakistan ranks as the most in debt country to China with its total external debt to China amounting to $26.60 billion in 2022. It is a South Asian and a neighboring country to China, India, Afghanistan, and Iran. 

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African countries with the best startup ecosystems

 Top 10 African countries with the best startup ecosystems in 2023

Nairobi city 

South Africa leads with cities like Cape Town and Johannesburg, which have a vibrant, private sector-led startup scene.

Nigeria stands out with significant funding and high valuations in the African startup scene.

Kenya has become an innovative tech hub, especially for mobile payment solutions.

The tech startup scene in sub-Saharan Africa has experienced significant growth, making the region a hub of innovation. Based on the Global Startup Ecosystem Index, we highlight the top ten African countries with thriving startup ecosystems.

These countries have shown remarkable achievements in funding, deal count, and sector-specific advancements, attracting entrepreneurs and investors alike.

1. South Africa

Skyline of Johannesburg, South Africa

The South African startup ecosystem is one of the most promising on the continent. With economically successful cities like Cape Town and Johannesburg, South Africa has a vibrant, private sector-led startup scene. Cape Town, in particular, has emerged as a tech hub and has attracted direct foreign investment as well as talented workers from around the country. It is also the most popular digital nomad hub in Africa.

2. Mauritius

Port Louis Mauritius

Mauritius is the 2nd highest-ranked country in Africa, bypassing Kenya, Nigeria, and Egypt this year. With a small but healthy startup ecosystem, thanks to a tight-knit community of freelancers and entrepreneurs, Mauritius has a relatively developed physical infrastructure that serves as a solid foundation for new businesses.

3. Kenya

Nairobi City skyline.

One of the most advanced economies in Africa, Kenya has become an innovative tech hub, especially for mobile payment solutions. Kenya’s pioneering status as a leading continental ecosystem is even more impressive considering the relatively low population compared to countries such as Nigeria.

4. Nigeria

Lagos CBD skyline

With a massive consumer market, Nigeria and its capital, Lagos, have become a leading startup hub in Africa. The country now tops Africa's unicorn charts, with companies such as Flutterwave and OPay rapidly expanding regionally.

5. Egypt

   

Cairo city 

Egypt’s startup ecosystem is one of the strongest in North Africa, dominantly led by its capital’s ecosystem, Cairo. The Egyptian ecosystem displays great potential, given the sheer size of the Egyptian market and population of over 110 million people. Egypt also offers entrepreneurs and foreign companies access to skilled and affordable talent. In 2023, Egypt achieved a major milestone by creating its first unicorn, MNT-Halan.

6 Ghana

Accra - Ghana

Ghana’s startup ecosystem is constantly evolving and receiving foreign direct investment, mentorship, training, and other types of support from various organisations, including the Ghana-India Kofi Annan Centre of Excellence in ICT and 3 Day Startup. One of the key initiatives in this ecosystem is the development of the Ghana Startup & Innovation Bill, which is still in progress.

7. Cape Verde

Cape Verde - Praia 

A new and energetic community of local entrepreneurs has already formed on the Island and is generating high-quality innovations with the potential to expand regionally and globally. Additionally, the Cabo Verde Remote Working Program allows digital nomads to stay in the country for six months with an option to extend for another six months. Additionally, the green card is a permanent residence permit for foreigners willing to relocate to Cape Verde and benefit from tax exemptions.

8. Senegal

Dakar, Senegal

Senegal is becoming increasingly popular for entrepreneurs and investors wanting to do business in West Africa. This is due to its favourable business climate and robust institutions. One of the largest seaports in the region is located in Dakar, Senegal, allowing quick access to European and North American markets.

9. Namibia

Windhoek

The Namibian startup scene offers local entrepreneurs a secure and stable environment that promotes entrepreneurship and innovation in the region. The main challenges for Namibian startup ecosystems are the lack of physical infrastructure, heavy bureaucracy and administrative requirements, access to the market, and low levels of funding for startups.

10. Tunisia

Central downtown Tunis (Image Source: Imen Hentati) 

The Tunisian startup ecosystem is still in the early phase of its development, but the total startup funding raised by the Tunisian tech startups increased significantly in 2022. The Tunisian government is well aware of the importance of creating startup hubs and has introduced the startup support organisation Startup Tunisia.

Credit to VICTOR OLUWOLE

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African countries projected to have the lowest economic growth in 2024

 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 Príncipe 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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Kenya has reduced government spending

 Local Leaders
Under its new administration, Kenya has reduced government spending

According to the most recent statistics, the cost of running the national government in Kenya declined slightly in the first quarter of the current fiscal year.

President William Ruto hosted the 22nd Extra-Ordinary Summit of the East African Community Heads of State

In the three months through September, the Ruto government spent Sh268.10 billion on administration, operations, and maintenance, as well as salaries and compensation, a 2.90 percent decrease from Sh276.11 billion in the same time the previous year

The Sh8.01 billion year-on-year decrease in day-to-day operating costs for the administration, Parliament, the Judiciary, and independent bodies is mostly due to lower election spending following the completion of the contentious polls in the first quarter of last fiscal year.

According to statistics released by Treasury Cabinet Secretary Njuguna Ndung'u, recurrent expenditure for the Independent Electoral and Boundaries Commission (IEBC) has dropped from Sh10.33 billion to Sh544.52 million, indicating the expense of the traditionally high-stakes elections on taxpayers.

Excluding the IEBC's recurring costs, the national government's operating expenses were almost steady compared to the previous year, rising by 0.66 percent, or Sh1.77 billion, to Sh267.55 billion.

The rising costs of debt payment have now surpassed those for operating, maintaining, and compensating employees, underscoring the impact of the commercial loans taken out over the past ten years to build desperately needed roads, bridges, power plants, and a new railway line.

For instance, during the three-month review period, debt charges devoured Sh347.22 billion, surpassing the daily cost of administering the government, which includes salaries and wages, by 29.51 percent, or Sh79.13 billion.

Since taking office a year ago, the Ruto government has struggled to reduce recurrent costs, while promising to lower the previous administration's spending by up to Sh300 billion during the previous fiscal year.

This became clear when the recurrent expenses for the fiscal year that ended in June came in at Sh43.17 billion more than the Sh1.18 trillion that Uhuru Kenyatta's administration had planned.

Head of the Public Service Felix Koskei announced that the State will no longer reimburse expenses incurred on trips taken by government officials for benchmarking and study visits, training and related capacity-building initiatives, research, academic meetings, and symposia. This is part of a renewed effort to control growth in recurrent expenditures.

Conferences and meetings with open enrollment, side events, and exhibitions, as well as committee and association meetings and activities, are additional costs that will be reduced as part of the new austerity effort.

“Public institutions wishing to travel and participate in any of the pipeline events in the above categories are required to request for virtual participation where available and, alternatively, engage the Ministry of Foreign and Diaspora Affairs to ensure on-the-spot participation of diplomatic officials in the country of reference,” Mr. Koskei wrote in the memo.

Cc. CHINEDU OKAFOR

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From creating his own toys to creating Africa’s second-fastest-growing company, here’s Tosin Eniolorunda’s remarkable journey

 Exclusive: From creating his own toys to creating Africa’s second-fastest-growing company, here’s Tosin Eniolorunda’s remarkable journey

In an exclusive interview with Business Insider Africa, Tosin Eniolorunda discusses how his life experiences led him to become one of Africa’s leading fintech CEOs. 

Tosin Eniolorunda 

Tosin Eniolorunda is the founder and CEO of Moniepoint, Africa’s second-fastest growing company in 2023. Moniepoint has more than 1,000 employees.

He programmed the first point-of-sale software for Interswitch, on which the majority of POS terminals in Nigeria are being run, and is currently revolutionizing payments for businesses in emerging markets through Moniepoint, which processes over $14 billion monthly for businesses; with a presence in Nigeria and East Africa. 

1.Personal Journey

Q1: You've achieved remarkable success at a relatively young age. What early experiences or influences do you credit for shaping your entrepreneurial journey?

Growing up in Ibadan as part of a loving family provided me with a great start on this journey. Firstly, my parents showed the value of hard work and perseverance, while urging me to follow my dreams. As a first child, I had to learn to be responsive and responsible while providing leadership for my younger siblings. So, I am grateful for the gift of family. I also think that not having a lot of toys to play with while growing up pushed me to be creative and inventive with stuff that we had around the house. While at college, I used to build a lot of final-year projects for students - the hard work I had to put in when doing so proved invaluable to shaping my entrepreneurial journey. After leaving school, I learned a lot from my early experiences of working in the informal sector. This helped me to understand the challenges faced by the underbanked, and it fueled my passion to create a solution that could help them.

Q2: Building a successful startup often involves making tough decisions. Can you recall a pivotal moment in your journey where you had to make a difficult choice? How did you navigate it, and what did you learn?

Building any venture requires a leap of faith, especially as you can’t see clearly what lies ahead. In our early days as TeamApt, we had a platform error that was causing us to lose money. This was in the early days. Imagine a small company losing around 250 million naira and the only fix around this was a platform shut-down. We had to make the painful and difficult decision to shut down our platform for three and a half weeks to fix the error. This felt like a form of death because, over this period, our dependable and loyal customers had to look for alternatives. This was a very tough moment for me, as I knew it would cause problems for our customers. However, it was the right decision to make to ensure the long-term health of our business. I also learned in the process how valuable it was to have committed colleagues who were ready to do whatever it took to ride through the turbulence.

2 Moniepoint's Growth

Moniepoint

Q1: Moniepoint started as a PoS service provider and has now expanded into retail banking. Can you share the strategic thinking behind this transition and what you believe it will bring to the financial landscape in Nigeria?

Our expansion aims to connect businesses and their customers more effectively by enabling the use of the payments, credit, and business management tools that we have already provided for our businesses to grow. Armed with the experience of banking small businesses, we have a very good knowledge of what individuals need, and this move is designed to make it easier for Nigerians to access financial services. Over 33 million Nigerians use our terminals monthly, providing a solid foundation for this development. It’s only fair that we provide our banking services to the customers and employees of these businesses, by providing reliable, best-in-class banking solutions for these personal users. Our industry regulator, the Central Bank of Nigeria has a lofty and admirable goal of achieving 95 percent financial inclusion by 2024. As industry leaders, we see it as a call to duty to help drive forward its accomplishment. Our foray into the personal banking space is about scaling impact, deepening our innovation credentials, and driving financial happiness for the greatest number of Nigerians.

Q2: Moniepoint has achieved remarkable growth, processing $12 billion in monthly transactions for 1.6 million businesses. What key factors do you attribute to this rapid success, and how do you plan to sustain and build upon it?

If I had to distill the factors behind our success, I would pick out three things. First, we have a team of highly talented and experienced professionals who are passionate about our mission. I look at our leaders across the various business segments, and we are blessed with a rich bench of seasoned operators who have an unquestionable passion to power the dreams of others. Second, we are ready to go the extra mile to meet the diverse needs of businesses and consumers. Third, we have a strong focus on customer service and helping people secure their financial happiness. We have thrived by placing these principles at the heart of our approach and will continue to do so to ensure our business goes from strength to strength.

Q3: Expanding into retail banking is a significant move. What are the primary challenges you foresee in this transition, and how do you plan to overcome them?

Financial inclusion is the right of every Nigerian, not a privilege. This has been our mantra and part of what has pushed us into the retail space. We are going to see a lot of diversity in terms of what customers are asking for considering the lack of homogeneity in that space. To meet the challenge, we have clear plans in place to build trust with consumers through our focus on offering an unparalleled service, to comply unwaveringly with all regulations, and to compete with established providers.

3 Leadership Insights:

Tosin Eniolorunda at work

Q1: As a young CEO in a dynamic industry, how do you balance innovation and risk-taking with the responsibility of leading a growing company?

The future is defined by dreamers, innovators, and risk-takers. Dreaming helps to broaden and expand our horizons. Embracing risk allows us to step out of our comfort zone and explore new opportunities. We are also constantly looking for new ways to improve our products and services by generating fresh ideas that will meet the needs of our customers. So, we have a culture that encourages our dream makers to be responsible risk-takers. Our approach to risk-taking involves assessing potential risks, quantifying their impact, and developing contingency plans. It also involves fostering a culture that understands that not all risks will lead to successful outcomes, but even failures can provide valuable lessons for the future.

Q2: Diversity and inclusion are increasingly important in the business world. How do you promote diversity within your organization, and why do you consider it essential for success?

We believe that a diverse workforce is essential for success. We are working hard to deliver on our D&I goals and ambitions. First, we have curated a workplace where everyone feels seen, respected and valued. We have also removed barriers and biases, allowing us to make the most of varied perspectives in our decision-making. We have also seen good traction with our Women in Tech internship, which aims to bring in 5 women into technical roles across the business. I’m proud to say past hires have grown to become solid engineers who are now even leading teams. We also sponsor a lot of training programs that upskill women and the underprivileged as well as our partnerships with universities to train young people in a bid to boost tech talent development in Nigeria.

Q3: In a fast-paced industry like fintech, how do you stay ahead of the curve in terms of technology trends and emerging market opportunities?

Staying ahead of the curve in technology is key to success in this industry. That is why we put our money where our mouth is by investing heavily in research and development. These investments ensure that we are responsive to ever-changing trends and remain competitive in our ability to meet customer demands. We also have our teams work proactively to monitor the latest trends from consumer focus to cyber security and identify new opportunities to capitalize on.

4 Entrepreneurial Advice:

Tosin Eniolorunda at an interview

Q1: The intersection of technology and finance holds tremendous potential for Africa's economic development. How do you envision the role of fintech in shaping the continent's future?

Fintech has a critical role to play in shaping Africa’s future. It helps to promote financial inclusion, enabling Africans to have access to traditional financial services. But our work is far from over as millions more still do not have the same access. Fintech can help to bridge this gap by providing innovative and accessible financial products and services.

What’s more, fintech can turbocharge Africa’s economic development by boosting growth, making it easier for businesses to access capital and invest in their future.

Q2: Many young professionals aspire to become entrepreneurs but may be hesitant to take the leap. What advice do you have for those who are on the fence about pursuing their entrepreneurial dreams?

My advice to young professionals is simple: just do it. Taking the leap in pursuit of your entrepreneurial dreams can feel daunting. But it is one of the most rewarding things you can do.

To those who need advice, I offer these three tips: start small and scale your business gradually, surround yourself with a team of talented and trusted people, and don't be afraid to fail - that is all part of the process of learning and moving forward.

Q3: Beyond business success, what legacy do you hope to leave as a young trailblazer in Africa's entrepreneurial landscape?

I hope to leave a legacy of financial happiness. I want to show young Africans that it is possible to achieve their dreams, no matter where they come from or what their circumstances are. I also want to help create an entrepreneurial ecosystem in Africa where everyone everywhere has the opportunity to succeed.

Tosin Eniolorunda is a leading innovator in the African Fintech space, with a passion for creating financial happiness and a track record of groundbreaking contributions to financial technology in Africa.

Tosin’s vision is to build an impactful financial technology platform that supports the dreams of millions of small business owners while generating annual revenues of more than $1 billion.

He has been recognized by several leading institutions, among them The Central Bank of Nigeria, CB Insights, Endeavor, and PYMNTS, in appreciation for the impact of his work to create innovative solutions.

By. CHINEDU OKAFOR

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