In 2019 Africa’s economic growth stabilized at 3.4% and was expected to increase to 3.9% in 2020 according to estimates from the African Development Bank. However, COVID-19 ruined all the forecasts and changed the tendency: in May 2020, the SDG Centre for Africa predicted the largest GDP contraction in Africa for 50 years of -2% in 2020. Some forecasts predict it to be up to as much as -5%.
The 2019 leaders in terms of real GDP growth were South Sudan (+11%), Libya (+10%), Rwanda (+9.5%), Ethiopia (+9%), Djibouti (+7.5%) Côte d'Ivoire (+7%) and Benin (+7%) but in the long run their track records are totally different.
The 2019 leaders in terms of real GDP growth were South Sudan (+11%), Libya (+10%), Rwanda (+9.5%), Ethiopia (+9%), Djibouti (+7.5%) Côte d’Ivoire (+7%) and Benin (+7%) but in the long run their track records are totally different.
While the economies of Djibouti and Côte d’Ivoire almost doubled in 2010-2019 with their average growth rates of 6.4%, and 6.2% respectively, the GDP of Libya in 2019 was only 39% of its 2009 level and the one of South Sudan — only 55%, which means the growth of 2019 was mainly due to the low base effect.
By 2019 the GDP growth has been unevenly distributed among the zones highlighted on the map below. The unevenness is deeply rooted in the distribution of global growth and global trade around Africa.
By 2019 the GDP growth has been unevenly distributed among the zones highlighted on the map below. The unevenness is deeply rooted in the distribution of global growth and global trade around Africa. The proximity of the Eastern part of Africa to Asia gave it the opportunity to record an average growth of +6.4% in 2010-2019 (DR Congo may be considered as a part of this zone). The Western part of Africa recorded +4.3% growth, while the Northern one only +2.4% annually, and the Southern +1.9%.