The top 10 African nations with the highest 2023 GDP estimates are listed by Business Insider.
The Africa Development Bank's biannual report served as the source for this ranking.
The bank predicts that Africa's economic performance will be better than currently anticipated.
Depending on the source, the story around Africa's anticipated economic performance in 2023 and even the global economy may appear depressing.
However, if a different source is used, the opposite can also be true. Since the fourth quarter of 2022, many economists from all over the world have concluded that the world may experience some of the same economic difficulties as it did in 2022, leading to a comparable or worse fiscal outcome.
Based on metric systems and calculations they believed to be systematic, some economists even went as far as to predict a global recession.
The Macroeconomics Performance and Outlook Report for January 2023 from the African Development Bank (AfDB) projects that Africa's GDP would rise by an average of nearly 4% in 2023 and 2024, higher than the predicted global averages of 2.7% and 3.2%, respectively.
However, the AfDB acknowledged that the topic is complex and that the information in the biannual report will be revised if the circumstances underlying macroeconomic performances changed.
According to an excerpt from the AfDB report, "Policymaking and investment decisions have recently become more difficult due to the persistence of several shocks that have increased global macroeconomic conditions' degree of uncertainty.
The very unstable external environment has spread to Africa, endangering the continent's slow recovery from the COVID-19 pandemic's residual consequences.
In order to address their impact on African economies, continuous diagnosis and focused policy responses are required due to the dynamic and persistent nature of global shocks and their interplay with persistent pockets of domestic and regional hazards.
The African Development Bank (AfDB) provided a detailed analysis of the economic growth trends and prospects for each of the continent's 54 countries in this report.
The analysis predicts that from 2022 to 2023, North Africa's growth rate would remain constant at 4.3%. The projected rate of economic growth for West Africa rose from 3.6% in 2022 to 4.1% in 2023. According to projections, East Africa will expand from 4.2% in 2022 to 5.0% in 2023.
Growth in Central Africa is predicted to slow from 4.7% in 2022 to 4.3% in 2023. In addition, Southern Africa's economic growth would drop from 2.5% in 2022 to 2.3% in 2023, similar to what would happen in Central Africa.
Ten of the African nations with the greatest anticipated GDP growth rates for 2023 are listed below from the AfDB report.
These numbers were calculated by examining data sets from the African Development Bank statistics, the World Economic Outlook, October 2022, and estimates from the United Nations Population Division.
Source: Business Insider
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