Africa's Economic Growth Set to Soar: Discover the Top Investment Opportunities!
Select Global Solutions
Executive Search and Recruitment firm, finding exceptional talent from across the world for clients in Emerging Markets.
Africa is on the rise!?
Despite the challenges of the Covid-19 pandemic, African economies are expected to grow by over 5.5% on average in 2023-2024 and reclaim their position among the world’s ten fastest-growing economies.
Let's take a closer look at the numbers:
These countries are all set to grow by more than 5.5% in the next few years, with Rwanda leading the pack with a projected growth rate of 7.9%.?
But what's driving this growth?
In East Africa, growth is projected to rise from 4.2% in 2022 to 5% in 2023 and 5.4% in 2024, with Rwanda leading the region. Uganda and Ethiopia are also expected to experience strong growth, thanks to developments in the oil sector for Uganda and continued infrastructure spending for Ethiopia.
Meanwhile, West Africa is set to see growth rise from 3.6% in 2022 to 4.3% in 2024, with C?te d’Ivoire and Senegal boosting the region’s growth.?
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In Central Africa, growth is expected to stabilise at 4.2% in 2024, while Southern Africa has the lowest growth rates, but Mozambique is a standout performer thanks to investment in liquefied natural gas and allied industries.
These projections show that Africa is the place to invest, with the potential for sustained economic growth. Economist Jeffrey Sachs believes that “Africa can and will rise to a growth of 7% or more per year consistently in the coming decades.”?
But what needs to happen for this growth to be sustainable?
Investment in infrastructure, education, and healthcare is essential to create the conditions for sustained economic growth. The African Continental Free Trade Area (AfCFTA) is a step in the right direction, with the potential to boost intra-African trade and economic growth. African countries need to take advantage of this opportunity to build resilient and sustainable economies that can weather future crises.
The projections for positive economic growth in the coming years are just the beginning of what Africa can achieve. With the right policies and investment, the continent has the potential to become a global economic powerhouse. It's time to invest in Africa's future!
Africa can and will rise to a growth of 7% or more per year consistently in the coming decades.
At Select Global Solutions, we are helping countries across the continent to hire senior management to enable their growth plans. We can source talent from within Africa or from anywhere in the world, depending on the needs of our clients, the industry and the role. We are committed to supporting businesses and investors looking to tap into the immense potential of these top-performing economies.
As a global recruitment firm, we understand the importance of investing in these economies and supporting businesses in Africa. Therefore, we encourage businesses and investors to seize this opportunity and explore the vast potential that Africa has to offer.?