Several African Countries Expected to be Among the Fastest Growing Economies Until 2027
Photo Credit: SIMON MAINA/AFP via Getty Images

Several African Countries Expected to be Among the Fastest Growing Economies Until 2027

Africa is emerging as a new power as its social, economic, and political improvements show a consistent pace that will position them to play an important role in global affairs.

Africa has come a long way in terms of economic growth in the past few years. According to The Economist, several of the continent’s countries are on track to have fast-growing economies until 2027.

In 2019, Kenya reclaimed its crown for having the largest economy in Eastern and Central Africa, beating out its developing neighbor, Ethiopia, for the first time since 2016, as reported by Future Directions International.

The continent’s demographics also play a huge role in its growth. According to The Economist, Africa’s population will nearly double by 2050, totaling to more than a quarter of the world’s population. Additionally, PWC reported that countries like Nigeria have the potential to overpower France and Germany in size if the GDP matches the population growth.

Efforts to reach this goal will be helped by improving education systems and lowering trade barriers if achieved with strong execution. Much of this progress is also dependent on whether governments become more accountable.

Africa still faces its challenges on the path to improving the continent’s way of life. COVID-19 in the short-term could threaten the overall health and wellness of citizens, while climate change could also make reaching the optimistic goal difficult.

However, Africa has proven that they’re able to withstand the obstacles that come their way. The Economist reported that even after surviving a global financial crisis, Africa sustained hope of progression. Even after commodity prices and GDP growth slowed down considerably in 2014, the continent prevailed and showed signs of improvement all around.

An optimal view of the future will greatly impact Africa’s progression and its potential to improve living conditions. As the new generation of Africa equips themselves with the tools and resources necessary to turn their hopes into reality, they look toward a brighter future.