Africa growth outlook tops China as IMF points to stronger economic resilience
A more subdued growth story is taking shape across Africa as several economies post steady expansion despite external shocks and conflict-related disruption. The IMF says the continent is set to grow 4.6 per cent this year, narrowly above China for the first time in decades as African countries absorb the fallout from the Iran war better than many expected.
Highlights
- Africa's economy is projected by the IMF to expand 4.6 percent in 2024, outpacing China's expected growth rate by 0.1 percentage point.
- At least 10 African countries including Guinea, Rwanda, and Tanzania are set to achieve 6 percent or higher GDP growth in 2024.
- Major projects such as Mozambique's LNG, Guinea's $23 billion Simandou iron ore, and industrial expansions are driving Africa's improved economic outlook.
IMF outlook highlights broader economic shift
As reported by Financial Times, the IMF says Africa is on course to expand faster than China this year, marking a notable shift after decades in which the continent lagged the Asian economy. At the fund’s annual meeting in Bangkok this month, it put African growth at 4.6 per cent, 0.1 percentage point above China.The change reflects both weaker momentum in China and a more resilient base in Africa. China is facing an ageing population and limits to its export-led model, while Africa’s median age is 19 and its population is still set to grow for decades even as fertility rates fall.
At least 10 African economies, including Guinea, Rwanda, Uganda, Ivory Coast and Tanzania, are expected to grow at 6 per cent or above this year. Economists cited in the report say countries including Nigeria, Ethiopia, Angola and Egypt are also benefiting from market-led exchange rates, policy reforms and more diversified sources of trade and investment.
Large projects are also supporting the outlook. Mozambique is developing a major LNG project, Guinea has moved ahead with the $23 billion Simandou iron ore project, and industrial groups led by investors such as Aliko Dangote and Mohammed Dewji are expanding manufacturing, refining and fertiliser capacity across the continent.
In our earlier article on the IMF’s updated outlook for sub-Saharan Africa, we noted that the region’s growth prospects were improving, but that inflation risks were also rising. The IMF flagged tighter monetary conditions, higher borrowing costs and climate-related shocks as key pressures that could test fiscal buffers and complicate policymaking despite stronger headline growth.
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
