Fastest growing economies in 2024? It's all about Africa

As we approach the end of 2023, statistics for 2024 are being shared on many economic platforms. In many global markets, where significant ups and downs were experienced in 2020, the fact that big economies also have big problems was once again displayed before our eyes. In addition, we also face the fact that medium and low-sized economies, which are among many developing countries, will make significant moves and start 2024 with serious growth expectations. In today’s article, we will talk about the African countries that are expected to grow the most in 2024, according to the statistics published by the International Monetary Fund (IMF). According to the published report, there are 10 Sub-Saharan countries among the economies expected to show the highest growth in 2024. As I shared in my previous comments, Sub-Saharan African countries hold great treasures of commercial potential. I am talking about a geography where, with its significant young population and import-based economies, every new investment will soon turn into a significant commercial accumulation. It is not surprising for us that the African country at the top of the list is Niger. Because, according to the impressions I gained from my previous visits to Niamey-Niger, the vastness of the potential is illustrated to you from the moment you get off the plane and enter the airport. Although commercial activities seem to have been suspended for a short time due to the impact of the recent military coup within the country, all activities are currently continuing in high gear. Security within the country has been ensured, and the financial situation has become a sign of returning to its old days. Niger, which provides a significant open area opportunity especially for foreign investors, tends to increase its export figures day by day with the opportunity of border trade with its commercial neighbors (Burkina Faso, Mali, Nigeria, Benin). Niger’s 2024 estimated growth figure is %11.1. Next, we see Senegal, Rwanda and Ivory Coast. These countries are already at the forefront of what we call Africa’s leading countries, both in terms of production, exports, digital transformation and culture. Senegal, located on the west coast of the continent, and the Lebanese diaspora in the Ivory Coast also provide significant resources for the economic development in these two countries. Considering their closeness with France and other European countries, it is not surprising that Senegal and Ivory Coast are demonstrating their integration with the world and their potential. Estimated growth figures of these countries for 2024: Senegal: 8%, Ivory Coast: %6.6. Rwanda, the pearl of East Africa, is, in my opinion, one of the countries that has developed the most important growth in the African continent in recent times. Under the leadership of Paul Kagame, who has been managing the country with a great stability and development plan since 2000, it is progressing in a development that will set an example for the whole world. The economic stability in the country and the environment of trust provided to foreign investors are also important indicators of this. Rwanda’s 2024 estimated growth figure is %6.6. In the 9th and 10th places of the relevant list, there are two neighboring countries, Benin and Burkina Faso. These two countries actually continue their silent but profound progress in commercial terms. Despite the global crisis environment, they are the important locomotives of the South West Africa region. Especially if we assume that the Cotonou port is a port opening to important countries such as Niger and Burkina Faso, we understand once again the commercial importance of the relevant geography. The diaspora, which consists of a significant number of merchants of Indian origin in these two geographies, undertakes important works and plays a serious role in the development of the region. The estimated growth figures of these countries for 2024 are given as 6.3% for Benin and 6.4% for Burkina Faso. As someone who went to Gambia last year, I was seriously surprised by the simplicity and virginity of the country. I can say that I see a prosperous light in Gambia’s future, which tends to increase its development efforts with the contributions of a small number of Lebanese merchants. Although the country seems to be heavily fed by Senegal, when we look at the activity in Banjul port, we can easily see signs of commercial light in the country. In the trade within the country, after the Lebanese, we see Mauritanians in a serious way. Gambia, which is hungry for great success despite its small geography, will definitely be on more important commercial platforms in the near future. Gambia’s estimated growth figure for 2024: 6.2%. Tanzania and Ethiopia are two similar countries. With both their large population and large industrialized economies, they attract attention as the important heavyweights of the East African bloc. With the education and employment they provide to citizens and their temperate approach towards foreign investors, Tanzania and Ethiopia are turning into bigger players in the Sub-Saharan African geography day by day. Particularly, the fact that local production and industrial development moves in these two countries continue at full speed has a great positive impact on economic development. As someone who follows the economies of both countries closely, I can say with confidence that these countries are more oriented towards the societies of China and India and will experience greater development in the coming years, thanks to the significant humanitarian and commercial support they receive from there. The estimated growth figures for these two countries in 2024 are 6.1% and 6.2%, respectively. The last country on the list is Burundi. Surrounded by Democratic Congo, Rwanda and Tanzania on three sides, this small country located right on the banks of the Tanganyika River is ahead of many European countries, with a growth rate of 6% expected in 2024. In Burundi, where trade is mostly managed by the local people, the economy is based mostly on imports and the main source of the country is agriculture. As someone who traveled almost the entire Northern Burundi by car a few years ago, I can safely say that the country’s agricultural lands are one of the best in Africa, along with Uganda. Burundi’s estimated growth next year is 6%. Considering that the International Monetary Fund’s global growth forecast is only 2.9%, we can see how significant the progress in Sub-Saharan African countries is. Considering that these growth figures extend over the next 25 years, it would not be difficult to predict how important the African continent will reach in the near term. In short, we can see very simply that the future is in Africa.

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