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According to IMF projections, by 2026, ten countries on the African continent are expected to rise above the rest in terms of wealth to become the wealthiest countries in Africa. However, this classification is likely to see many twists and turns due to the Covid-19 pandemic.
The IMF (International Monetary Fund) bases its ranking on the Gross Domestic Product (GDP) of each African country. This indicator quantifies the total value of wealth production achieved by economic agents residing within a country.
The wealth of Africa’s top ten economies will grow significantly: they will have a combined GDP of $2.877 billion in 2026, compared to $1.739 billion in 2020, an increase of 65.44%.
Ranking of the 10 wealthiest countries in Africa
According to the projections, Nigeria, Africa’s leading economic power, will become the richest country in Africa in 2026 in terms of GDP. The country, with a population of 210 million, will more than double its gross domestic product over the next five years, increasing its wealth from $429 billion to $964 billion. This significant increase in the country’s funds can be explained by its status as Africa’s largest petroleum producer. However, Nigeria intends to invest heavily in infrastructure (railways, petroleum refineries, etc.) and to focus on the country’s agricultural development.
Second place goes to Egypt, the second largest economy on the continent, but far behind Nigeria. This position is explained by the important gas discoveries in the Mediterranean Sea (currently the 13th largest gas producer in the world) but also by the recession which hit a large number of states in 2020 – linked to the Covid-19 pandemic – and which was avoided by Egypt. Egypt’s GDP is expected to rise from $362 billion in 2020 to $603 billion in 2026, a 66.60% increase.
The third richest country in Africa will be South Africa. According to the IMF’s forecasts, this country will see a smaller increase than Nigeria and Egypt, but its GDP will still grow positively. It will rise from $302 billion in 2020 to $407 billion in five years. This smaller wealth gap is justified by the deep crisis that the country is going through, in economic decline for several years.
The 4th economic power would no longer be Algeria in 2026, replaced by their Moroccan neighbours. According to the IMF, the Moroccan economy is much more resilient to the pandemic than Algeria’s. Moreover, Morocco has for several years diversified its international trades (automobile, aeronautics, etc.), thus contributing to the creation of jobs, exports and, by extension, to the creation of value for the country. Its GDP will rise from 113.5 billion dollars in 2020 to 162 billion dollars in 2026, an evolution of 42.73%.
As for Algeria, its GDP should increase very slightly by 6%, from 144 to 153 billion dollars in 6 years. This almost stagnation is explained by the country’s lack of economic diversification to get out of its oil rent, or the constant depreciation of the dinar.
Finally, the top 10 is completed by Kenya, Ethiopia, Côte d’Ivoire, Ghana and Tanzania. The economies of these countries, based on agriculture, investment in infrastructure or – for some – in hydrocarbon discoveries, could enable them to maintain high growth rates over the next five years.
Even if the IMF data are only projections, these ten African states are expected to experience a significant growth in wealth through their established and diversified economic strategies. It remains to be seen how the global health crisis will affect these projections. See you in five years!
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According to IMF projections, by 2026, ten countries on the African continent are expected to rise above the rest in terms of wealth to become the wealthiest countries in Africa. However, this classification is likely to see many twists and turns due to the Covid-19 pandemic.
The IMF (International Monetary Fund) bases its ranking on the Gross Domestic Product (GDP) of each African country. This indicator quantifies the total value of wealth production achieved by economic agents residing within a country.
The wealth of Africa’s top ten economies will grow significantly: they will have a combined GDP of $2.877 billion in 2026, compared to $1.739 billion in 2020, an increase of 65.44%.
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According to IMF projections, by 2026, ten countries on the African continent are expected to rise above the rest in terms of wealth to become the wealthiest countries in Africa. However, this classification is likely to see many twists and turns due to the Covid-19 pandemic.
The IMF (International Monetary Fund) bases its ranking on the Gross Domestic Product (GDP) of each African country. This indicator quantifies the total value of wealth production achieved by economic agents residing within a country.
The wealth of Africa’s top ten economies will grow significantly: they will have a combined GDP of $2.877 billion in 2026, compared to $1.739 billion in 2020, an increase of 65.44%.
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