19 April 2016
In recent changes in global economy, there has been a change in the Sub-Saharan Africa’s positive economic outlook under insurmountable pressure. However, with predictions of the continent’s growth not rising above 5% in 2016, there are some economies that are not only enduring but reflecting a consistent drive to innovate and grow.
Derived from a chart made by Africa.com, here are the countries predicted to show promise in the next two years
With recent investment in their agriculture sector and shift to an agro-based economy, coffee remains its major export. Also, a diversification into manufacturing, textile and energy, leads the predictions for their GDP roving around a 10% slate for the next years. One hurdle the government have to see through however, is ensuring that the growth trickles in being one of the lowest per capita income populations in the world.
2. Democratic Republic of the Congo (DRC)
Working well with their abundance of natural resources, they are sure to have a thriving future. Current projections reveal a GDP growth – standing at 8.50% in 2016 and a high possibility of that figure reaching 9.00% in 2017.
3. Cote d’Ivoire
Roughly half of the population is engaged in agriculture which led Cote D’Ivoire to its high dependency on farming. Being the world’s largest exporter of Coca Beans, the instability of this can be affected by the global market price and a climate change. Based on predictions, the nation’s GDP is expected to steady at just about 7.5% for the next few years. The only challenge will be to capitalize on the opportunity
In the last ten years, there has been an average annual growth rate of 6-8%. The encouraging growth is majorly stemmed in the heavy investment in natural gas, coal, titanium and hydroelectric production. This informs a projection of 7.3% in 2016 through till 2017.
The nation capitalizes on a dominant source in agriculture, which provides employment for about 80% of its workforce and an impressive provision for 85% of the country’s export. This, in turn, accounts for more than a quarter of the nation’s GDP. In addition, gold production and tourism have helped to strengthen Tanzania’s economy into fifth place. There have been great gaits in telecommunications, banking, energy and mining which predicts a steadiness of their GDP at 7.10% over the coming years.
The country’s dependence on subsistence agriculture makes Rwanda boast of an accelerated GDP growth boosted in part by government reforms and improved business conditions. Reputably, Rwanda also scored 6th overall in the World Economic Forum’s Global Gender Gap Report in 2015.