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Wednesday, April 17, 2024
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Uganda, TZ Ranked Among World’s Fastest Growing Economies

Uganda, TZ Ranked Among World's Fastest Growing Economies
Uganda, TZ Ranked Among World’s Fastest Growing Economies

Kenya missed out on the world’s top 20 fastest-growing economies in Africa Outlook 2024 ranking compiled by Economic Intelligence (EIU).

While Kenya with a 5.3 per cent projected Gross Domestic Product (GDP) growth missed out, the list featured East African countries including neighbours Tanzania and Uganda.

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Other countries in the region that made the list included; Rwanda, the Democratic Republic of Congo, and Ethiopia.

Due to the presence of East African countries in the list, EIU predicted that the bloc would be a key cog in driving Africa’s prosperity.

Kenya was, however, mentioned as part of the countries that would play a key role in the continent’s transformation.

“East Africa, encompassing Ethiopia, Kenya, Uganda, Rwanda, Tanzania, and the DRC, will once again prove to be the most dynamic part of the continent in terms of economic growth,” the report revealed.

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“The services sector will continue to play a major role in driving the economies of East Africa, including resurgent travel, tourism and hospitality, resilient transport and logistics, and vibrant financial and telecommunications industries.”

Positive growth for Fastest Growing Economies

Additionally, it was reported that all African countries except Sudan and Equatorial Guinea would register positive growth.

This will make Africa the second fastest growing continent economic-wise according to the EIU report.

“We forecast that Africa will be the world’s second-fastest-growing major region in 2024, just behind Asia, which will be propelled by China and India,” the report read in part.

Other African countries in the top 20 World’s fastest-growing economies in 2024 will be Senegal, Mauritania, Libya, Ivory Coast, Benin, Mozambique, and Togo.

The rest of the nations that make the top 20 list are Guyana, Macay, Anguilla, Fiji, Cambodia, Samoa, Bangladesh, and Maldives.

The impressive showing by African countries was attributed to the resource-intensive nature of the economies and the continent’s role as a major commodities exporter.

Africa will benefit from intense competition and high prices for the continent’s supplies of hydrocarbons, mining sector output, and agricultural produce.

“Substantial investment will continue to flow into Africa’s energy sector ventures, as well as minerals and metals that are crucial to the global energy transition and digital transformation,” EIU further remarked about Africa’s future.

By KIOKO NYAMASYO

Source-https://www.kenyans.co.ke/

Uganda, TZ Ranked Among World’s Fastest Growing Economies

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