African countries to dominate ranking of world’s rapidly growing economies- UN agency

African countries are expected to post the highest growth rates this year globally, said the Economic Commission for Africa (ECA), a UN agency.

Niger, Senegal, Côte d’Ivoire, DRC, and Rwanda are expected to be world’s top growth performers, according to an ECA report.

Niger and Senegal, in particular, are expected start reaping the benefits of their newly found gas and oil resources, the report said.

Growth in Côte d’Ivoire, DRC, and Rwanda will be triggered by a robust expansion in infrastructure investment, continuous development in tourism, good performance of the mining industry, and advantages of economic diversification, according to the ECA.

Africa has posted on average the highest growth rate in the developing world after East and South Asia in 2023.

The report shows that the continent is expected to grow from 2.8% in 2023 to 3.5% in 2024 and reach 4.1% in 2025, mainly underpinned by net exports, private consumption, and gross fixed investment.

The report also alerts to instability impact on growth and mentions headwinds to trade in Africa whose exports are largely composed of extractive commodities, keeping the continent trapped at low points along critical value chains.