The International Monetary Fund has unveiled its ranking of the richest African countries by 2028. In this ranking dominated by Nigeria, Egypt and South Africa, only one French-speaking country has managed to find a place in the top 10.
With Nigeria, Egypt and South Africa expected to maintain their status as major economic powers over the next five years, the IMF’s overall forecasts point to significant growth for several African countries. Indeed, Nigeria will record economic growth of more than 40%, reaching a GDP of $682 billion by 2028. Egypt and South Africa will also post respective growth rates of 25%. and 13%, with 591 billion and 459 billion dollars. A trend that promises to reshape the economic landscape of the continent.
In the process, Algeria, with a GDP forecast of 263 billion dollars, and Morocco, with 195 billion, should respectively record average growth rates of 35% and 49%, which will position them in 4th and 5th rank of the ranking.
According to the same source, Ethiopia will show the most significant growth. Over the period 2022-2028, Ethiopia’s GDP will increase by 148%, from 120 billion in 2022 to 298 billion dollars in 2028. This impressive trajectory should allow the second most populous country on the continent behind Nigeria, to climb from 7th to 4th place among the continent’s most prosperous economies by 2028.
However, unlike Ethiopia, IMF data indicates that Angola’s economy would experience an average decline of around 9% by 2028. Indeed, the Angolan economy’s GDP, which stood to 123 billion dollars in 2022, would drop to 112 billion in the next five years, according to the report of the international institution.
Looking at the other countries in this ranking, Kenya is in 8th place with a GDP forecast of $147 billion over the next five years. Tanzania, which ranks 9th, also projects economic growth, from a GDP of $86 billion in 2024 to $124 billion in 2028.
Finally, Côte d’Ivoire, which is the only French-speaking country to appear in this top 10 of the richest African economies by 2028, forecasts constant economic growth, with a GDP estimated at 118 billion dollars in 2028.
Top 10 richest African countries by 2028 according to IMF
|Country||2022 / GDP in billions of dollars||2023 / GDP in billions of dollars||2024 / GDP in billions of dollars||2028 / GDP in billions of dollars|