The International Monetary Fund (IMF) recently published its report on global wealth measured by gross domestic product (GDP), at current prices and expressed in dollars. This report highlights economic growth projections in Africa until 2028, which helps establish the new ranking of the richest countries on the continent.
This ranking of the 10 richest countries in Africa presents some changes compared to previous years. Indeed, it mainly brings together the most populated countries with significant natural resources such as oil, gas and minerals. Over the period 2021-2028, the cumulative GDP of these countries will increase significantly, from $2,000 billion to $3,145 billion, an increase of 57.25%.
At the top of this ranking, we find Nigeria, whose GDP is estimated at $477 billion in 2022. It is closely followed by Egypt, with $475 billion, then by South Africa, with 406 billions of dollars. These three countries are followed by Algeria, Morocco and Kenya, which are also important economic players on the continent.
However, this ranking is not fixed. Ivory Coast and Ghana left the top 10, giving way to Angola which is making a comeback thanks to the surge in the price of a barrel of oil, of which it is the second African producer, as well as the Republic Democratic Republic of Congo (DRC) which enters this ranking thanks to its mining production and the reforms put in place by the authorities.
Nigeria, as the continent’s economic leader, is expected to maintain its first place thanks to its significant gas reserves and its demographics of 220 million consumers. Its GDP is expected to increase from $477 billion in 2022 to $915 billion in 2028, widening the gap with Egypt, which occupies second place in this ranking. Egypt’s GDP is expected to increase from $475 billion today to $510 billion in 2028.
Morocco, ranked 6th, maintains its position with a GDP estimated at 138 billion dollars in 2022. As for Angola, it returns to this top 10 thanks to the increase in the price of a barrel of oil, and its GDP is expected to reach $121 billion in 2022, placing it in 8th position.
This new IMF ranking of global wealth measured by GDP highlights economic dynamics in Africa. It is important to note that this economic growth is not uniform across all countries in this ranking. Some countries will experience strong growth, while others may face temporary slowdowns.
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