East Africa at 5.9 percent is still the fastest growing subregion in Africa with Ethiopia, Kenya, Rwanda and Tanzania making the top 10 fastest growing economies 2019. According to the African Development Bank (AfDB), the subregion leads North Africa (4.4 percent), Central Africa (3.6 percent), West Africa (3.6 percent) and Southern Africa (2.2 percent) in that order.
Africa’s economy will expand at an average rate of 4 percent in 2019, making it the second fastest expanding region in the world after Asia. Ironically, it is the continent’s two largest economies by GDP, South Africa and Nigeria, that are pulling it back. The two countries make almost half of the continent’s GDP.
Egypt, which ranks after South Africa in GDP size will witness the highest growth rate among the top three economies at 5.5 percent. The growth is attributed to the structural reforms initiated by the Al Sisi government to spur investment. West Africa also expects to perform well despite uncertainty in commodity prices and security fears in some countries, according to AfDB.
Nigeria will grow at only 2.3 percent while South Africa will manage 1.7 percent expansion.
Photo: A Mobius vehicle manufactured in Kenya.
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