The World Bank's Global Economic Prospects forecasts that Ghana will be the fastest growing economy in Africa and the world with a strong 8.3% growth rate. Ethiopia is expected to be a close second with a growth of 8.2%. Completing the top ten are India, Cote d'Ivoire, Djibouti, Cambodia, Bhutan, Senegal, Tanzania, and the Philippines. Six of these countries are African. A case of Africa Rising making sense?
The World Bank says a modest recovery is underway in Sub-Saharan Africa, buoyed by an improvement in commodity prices. Growth in the Sub-Saharan Africa region is expected to pick up by 3.2 percent in 2018 from 2017's 2.4 percent. Implementation of economic reforms and firming commodity prices will push this growth but this also means a drop in commodity prices, steeper-than-anticipated global interest rate increases, and inadequate efforts to ameliorate debt dynamics could set back economic growth.
There is much structural work to be done in the continent and leaders have their work cut out for them.
The full report can be accessed here.
Image Header: Incredible Photos of Accra, Buzzghana