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Top 10 Largest Economies in Africa in 2024 – IMF Reports

Top 10 Largest Economies in Africa in 2024 - IMF Reports

Here are the top 10 largest economies in Africa in 2024. This ranking was released by the International Monetary Funding.

According to the International Monetary Fund, South Africa, Egypt, Algeria, and Nigeria will remain Africa’s top four economies through 2030.

Key Highlights

GlobalCurrent24.com presents the 10 largest economies in Africa in 2024.
Africa’s most industrialised country will become the continent’s largest economy, with a GDP of $373 billion.
The list is courtesy of the IMF

The Washington-based institution predicts that South Africa, Africa’s most industrialized country, will become the continent’s largest economy, with a GDP of $373 billion, a position it expects to maintain until 2027.

Egypt, which held the top spot in 2023, is expected to fall to second place behind South Africa, owing to a series of currency depreciations.

Nigeria, once dubbed Africa’s largest economy, is expected to lose its lead and fall to fourth place this year for similar reasons. Both countries’ economies have suffered as a result of high inflation and sharp currency devaluation.

Despite a recent recovery, the naira remains 50% weaker against the dollar than it was before President Bola Tinubu took office last May.

Egypt, one of the emerging world’s most indebted countries and the IMF’s second-largest borrower after Argentina, also devalued its currency by more than 35% to allow for additional loans from the International Monetary Fund.

According to the IMF’s World Economic Outlook, Nigeria’s GDP is expected to be $253 billion in current prices this year, trailing Algeria at $267 billion, Egypt at $348 billion, and South Africa at $373 billion.

Tanzania ranks as the 10th African country with the largest economy in 2024. Tanzania has a GDP to be around $79 billion.