A new ranking by the World Bank reveals Africa’s largest economies and its weakest marketsThe list shows that Nigeria and Egypt are almost at par with about $477 billion in GDPIt also indicates that some countries are emerging as the continent’s fastest-growing economies
Some African countries are bracing for the odds and global uncertainties to reshape their countries and the continent’s future and reposition Africa as a global superpower.
Influence cuts across the African continent, attracting investments and spearheading the continent’s development.
Young Africans wait as World Bank reveals the continent’s biggest economies
Credit: Klaus Vedfelt
Source: Getty ImagesAfrica’s biggest and weakest economies
The World Bank, in its recent report, showed Africa’s biggest economies, including emerging markets and economies threatened by economic and social instability.
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In the report, the World Bank revealed that Zimbabwe stands at a precarious precipice as its economy contracts for the third consecutive year.
Also, the report reveals that Rwanda is one of the fastest-growing economies in Africa.
Below are Africa’s largest economies.
Nigeria: $47bn. The country’s GDP of $477 billion favors it as the largest economy in Africa. The nation’s quick growth in the financial sector and its leadership in petroleum exports drive its economic might. Lagos, a burgeoning tech hub and the second-largest metropolitan area in Africa, further amplifies Nigeria’s regional dominance.
Egypt: $477bn. With a GDP of $477 billion, Egypt shares the top spot with Nigeria. Its economy boasts diverse industries, from tourism and agriculture to textiles and petroleum. Egypt’s strategic location in Africa and the Middle East enhances its significance on the continent.
South Africa: $406bn: As a financial hub and industrial leader, South Africa holds a GDP of $406 billion. Its wealth of mineral resources and well-established industries attract global investments and drives economic growth in the region.
The rainbow nation battles a power problem threatening to weaken its economy.
Algeria: $192 Billion. With abundant oil and natural gas reserves, Algeria’s petrochemical industry contributes to its $192 billion GDP. The result places the country as a significant economic force in North Africa.
Morocco: $134 Billion. Boasting a $134 billion GDP, Morocco shines as a star in North Africa with vibrant tourism and agriculture sectors and investments in renewable energy and industrialization bolstering its economic standing.
Ethiopia: $127 Billion. A flourishing agricultural and manufacturing sector boosts Ethiopia’s $127 billion GDP. As one of the fastest-growing economies in Africa, Ethiopia attracts foreign investments and nurtures a growing middle class.
Kenya: $113 Billion. With a GDP of $113 billion, the East African giant’s innovative tech sector and business-friendly environment contribute to its economic success. Nairobi, a vibrant tech and business hub, hosts the African offices of global giants, amplifying the country’s regional influence.
Angola: $107 Billion. Angola’s focus on oil production and diamond mining keeps its $107 billion GDP, establishing it as a significant player in Southern Africa. Efforts to diversify its economy are fostering growth and development.
Tanzania: $75.71 Billion. Tanzania’s $75.71 billion GDP is pushed by thriving tourism, agriculture, and mining industries. Strategic ports and potential in natural gas contribute to its expanding influence in East Africa.
Ghana: $72.84 Billion. With a $72.84 billion GDP, Ghana’s stable political climate and flourishing industries, including cocoa production, mining, and oil exploration, garner global attention and contribute to the nation’s economic strength.
World Bank ranks Nigeria as Africa’s largest economy for fifth year in a row, Egypt fast catching up
Legit.ng reported that Nigeria retained its position as Africa’s largest economy for five consecutive years in 2022, with a Gross Domestic Product (GDP) of $477.4 billion.
Africa’s largest economy accounted for 17.4% of the continent’s economy, with a combined GDP of $2.7 trillion in 2022.
Data released by the World Bank shows that Nigeria had remained the continent’s biggest economy since 2018 when it overtook South Africa as the largest.
Source: Legit.ng
