Outlooks from major international institutions indicate that Africa is preparing to dominate the global economic landscape in 2024. For the ECA, Niger, Senegal, Ivory Coast, DRC and Rwanda will particularly stand out in this regard.
According to a recent report by the Economic Commission for Africa (ECA) on economic and social developments in Africa, countries on the continent will lead the pack of the world’s fastest growing economies in 2024.
According to the institution, this forecast is supported by economic dynamics in Niger, Senegal, Ivory Coast, the Democratic Republic of Congo (DRC) and Rwanda mainly. These countries are experiencing dynamic growth trajectories, driven by various factors ranging from the expansion of the hydrocarbon sector to massive investment in infrastructure and tourism.
“ Growth in Niger will be fueled by the revival of agricultural production – although vulnerable to unfavorable climatic conditions – and by an increase in crude oil production, which will have beneficial consequences on the transport sector ,” specifies the ECA.
“ The strong expansion of Ivory Coast, DRC and Rwanda is attributed to increased investment in infrastructure, continued development of tourism, good performance of the mining industry and the benefits of economic diversification », Also indicates Adam Elhiraika, director of the Macroeconomics and Governance Division at the ECA.
These forecasts coincide with those made by the African Development Bank (AfDB) as well as the Bretton Woods institutions concerning the economic situation on the continent. In February, the AfDB indicated that 11 of the twenty fastest-growing countries in the world in 2024 will come from Africa. Forecasts which seem to underline the economic resilience of the continent as well as the effectiveness of the reforms put in place to revive the economies after the crises of covid-19 and the Russo-Ukrainian war, although the effects of inflation continue to be felt.
However, despite these positive prospects, significant challenges remain, particularly on the political level with the recent wave of putsches experienced by the continent, but also on the security level. Furthermore, the recent crises that have hit the continent have created a backlog in the fight against poverty, inequality and unemployment, which is hampering progress towards the Sustainable Development Goals (SDGs).
To address these challenges, the ECA highlights the importance of the African Continental Free Trade Area (AfCFTA), the implementation of which is considered an essential element to boost intra-African trade and strengthen economic integration. regional. To this could be added innovative financing mechanisms such as debt swaps and environmental taxation, necessary to mobilize more resources and finance sustainable development initiatives.
