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Kenya excluded in top 20 fastest growing economies in 2024 as Uganda, Tanzania make it

Faith Chandianya by Faith Chandianya
January 15, 2024
in News
Reading Time: 2 mins read

Kenya has failed to secure a position among the top 20 fastest-growing economies in the Africa Outlook 2024 ranking conducted by Economic Intelligence (EIU).

Despite a projected Gross Domestic Product (GDP) growth of 5.3%, Kenya did not make the cut, while neighboring East African countries such as Tanzania and Uganda were included in the list.

In the list of featured countries within the region, Rwanda, the Democratic Republic of Congo, and Ethiopia were also included.

Other countries that got featured into the list of top 20 fastest-growing economies globally include Senegal, Mauritania, Libya, Ivory Coast, Benin, Mozambique, and Togo

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Kenya was however highlighted as one of the countries poised to play a pivotal role in the context of the continent’s transformation.

“East Africa, comprising Ethiopia, Kenya, Uganda, Rwanda, Tanzania, and the DRC, is anticipated to emerge as the most dynamic region in Africa with regard to economic growth,” the statement read in part.

In accordance to the report,  every African nation, with the exception of Sudan and Equatorial Guinea, is anticipated to demonstrate positive economic growth. This development positions Africa as the second-quickest advancing continent economically, as outlined in the report by the Economic Intelligence Unit (EIU).

The report projects Africa to emerge as the second-fastest-growing major region globally in 2024, trailing closely behind Asia, which will be primarily driven by the economic advancements of China and India, as articulated in a section of the report.

Senegal, Mauritania, Libya, Ivory Coast, Benin, Mozambique, and Togo are among the top 20 fastest-growing economies globally.

The noteworthy performance of these African nations is ascribed to the resource-intensive characteristics of their economies and the continent’s significant role as a major exporter of commodities.

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Faith Chandianya

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