Uganda, TZ Ranked Among World’s Fastest Growing Economies as Kenya Misses Out
Kenya did not secure a position among the top 20 fastest-growing economies in the Africa Outlook 2024 ranking compiled by Economic Intelligence (EIU), despite having a projected Gross Domestic Product (GDP) growth of 5.3 percent.
In contrast, neighboring East African countries such as Tanzania and Uganda were included in the list.
The list also featured other countries in the region, namely Rwanda, the Democratic Republic of Congo, and Ethiopia.
With the inclusion of East African nations in the ranking, Economic Intelligence (EIU) anticipated that this bloc would play a significant role in propelling Africa’s economic prosperity.
Nevertheless, Kenya was acknowledged as one of the countries expected to play a pivotal role in driving the transformation of the continent.
“East Africa, encompassing Ethiopia, Kenya, Uganda, Rwanda, Tanzania, and the DRC, will once again prove to be the most dynamic part of the continent in terms of economic growth,” the report revealed.
“The services sector will continue to play a major role in driving the economies of East Africa, including resurgent travel, tourism and hospitality, resilient transport and logistics, and vibrant financial and telecommunications industries.”
Furthermore, the report indicated that every African country, except Sudan and Equatorial Guinea, is poised to experience positive economic growth.
This forecast positions Africa as the second-fastest-growing continent economically, as per the Economic Intelligence Unit (EIU) report.
“We forecast that Africa will be the world’s second-fastest-growing major region in 2024, just behind Asia, which will be propelled by China and India,” the report read in part.
Senegal, Mauritania, Libya, Ivory Coast, Benin, Mozambique, and Togo are among the other African countries expected to be part of the top 20 fastest-growing economies globally in 2024. Joining them on the list are Guyana, Macay, Anguilla, Fiji, Cambodia, Samoa, Bangladesh, and Maldives.
This remarkable performance by African nations is attributed to the resource-intensive nature of their economies and the continent’s significant role as a major exporter of commodities.
The intense competition and high prices for Africa’s hydrocarbons, mining sector output, and agricultural produce are expected to contribute to the continent’s economic growth.
“Substantial investment will continue to flow into Africa’s energy sector ventures, as well as minerals and metals that are crucial to the global energy transition and digital transformation,” EIU further remarked about Africa’s future.
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Uganda, TZ Ranked Among World’s Fastest Growing Economies as Kenya Misses Out
