Kenya missed out on a spot in the top 20 fastest-growing economies worldwide, according to the Africa Outlook 2024 ranking compiled by Economic Intelligence (EIU). Although Kenya’s projected Gross Domestic Product (GDP) growth is at 5.3 percent, it did not make the list.
However, the neighboring East African countries of Tanzania and Uganda made it to the list.
Other countries in the East Africa region in the ranking include Rwanda, the Democratic Republic of Congo, and Ethiopia.
The EIU report further highlighted the significant role East African countries, including Kenya, are expected to play in driving Africa’s overall prosperity. The East African bloc, encompassing Ethiopia, Kenya, Uganda, Rwanda, Tanzania, and the DRC, was identified as the most dynamic part of the continent in terms of economic growth.
“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 stated.
The report further emphasized that the services sector, including travel, tourism, hospitality, transport, logistics, and financial and telecommunications industries, would be instrumental in driving the economies of East Africa.
The EIU also predicted positive economic growth for all African countries except Sudan and Equatorial Guinea, positioning Africa as the second-fastest-growing continent globally in 2024, just behind Asia. Asia’s growth is mostly driven by the Chinese and Indian economies.
The top 20 fastest-growing economies in 2024, according to the report also includes Senegal, Mauritania, Libya, Ivory Coast, Benin, Mozambique, and Togo.
