With an expected growth rate of 8.5 per cent for 2016, Côte d’Ivoire will be the fastest growing economy in Africa, according to the International Monetary Fund’s latest World Economic Outlook.
Côte d’Ivoire’s economy has benefited from government policies and structural reforms, which have resulted in strong inclusive growth and has increased both private and public investments, according to the World Bank.
Despite the Ghanaian government painting a positive picture about its economy, Ghana didn’t make it to the top ten fastest growing African economies.
Placed second is Tanzania with a projected growth rate of just under 7 per cent and Senegal completing the top three with 6.6 per cent.
According to the World Economic Forum, Africa’s positive economic outlook is under pressure with the growth rate expected to remain just under 5 per cent. Foreign direct investment flows are expected to continue to grow, although at a slower pace.
Rwanda has transformed dramatically since the 1994 genocide and is now placed 5th in the fastest growing African economies. The country is one of the continent’s most competitive economies and a top reformer in improving the business environment.
Ahead of the World Economic Forum on Africa in May, it is important to recognise the major challenges that many African economies face. Some of the major threats include commodities slump, currency devaluations and geo-security risks.
The World Economic Forum on Africa 2016 will take place in Kigali, Rwanda from 11-13 May.