Africa’s economy is projected to continue to rise to 3.2% in 2018 and to a further 3.5% in 2019. This is according to the latest World Bank report released early 2018.
According to the report, non-resource intensive countries are expected to expand at a solid pace, helped by robust investment growth. South Africa, Nigeria and Angola, the region’s largest growing economies will be slightly weaker than expected, as the region is still experiencing negative per capita income growth, weak investment, and a decline in productivity growth, but the rest of Africa will be more favourable.
A significant number of 2018’s top performers are non-commodity intensive economies. The list is led by Ghana, followed by Ethiopia and Côte d’Ivoire, with Senegal and Tanzania occupying the fifth and sixth spots respectively. Africa has six of the world’s 10 fastest growing economies this year, according to the World Bank.
The latest forecast places East African country, Ethiopia at 8.2% with the West African nation, Ghana leading the continent at 8.3%.
The low post-crisis increase in total-factor productivity (TFP) growth in Sub-Saharan Africa has been attributed to a slowdown in convergence to the technological frontier after a rapid catch-up in the decade preceding the crisis according to the World Bank.