Africa as a continent is growing rapidly in terms of economy. There is clearly a future on the economy of Africa. There are some African countries with the best economy that contribute to the future of Africa development.
Africa lags behind other continents in terms of economic development. But the region is rich in wealth and natural resources. There is a massive potential for future progress. Rapid development in information technology is benefiting Africa in many ways.
Many countries despite being stricken by poverty and terrorism are striving hard to develop in different fields. They have set their way on the road to development. Main natural resources, on the basis of which African economy can thrive, include the Oil, Gold, Diamonds, and youth which form the major portion of the human resource.
Such high prospects for developments have made transnational organizations to set eye on Africa, for paying their part.
Here are the 7 biggest African countries with the best economy which have managed to keep pace with development despite uncertain socio-political circumstances.
It seems a bit surprising for Nigeria to make its way to be the number one African country with the best economy. It is a common perception that Either Egypt or South Africa has to be the top performing economy of the continent. Higher prospects for economy reflect very well in Nigeria’ GDP and also the stock market condition.
Nigeria has the biggest stock market in the continent. Based on data between 1990 and 2010, Nigeria has $594.257 Billion GDP. Like other countries of the continent, Nigeria’s economy is also based on Oil and Gas. The country’s GDP consists of 35% of Oil and Gas products while 90% of export revenue is generated by selling the same products.
After Nigeria, South Africa is the second largest economy of Africa. World Bank has ranked South Africa as an upper middle economy. The country contributed to 35% of Africa’s Gross Domestic Product. It saw stable economic development after 1996, after the rule of democratic government.
End of apartheid was another factor that contributed to an economic boost. South Africa is only African country which is a member of G-20. Unlike other countries in the region, South Africa is a famous tourist attraction, mainly because of the famous beaches. According to World Bank estimate of 2017, South Africa has GDP of $758.12 billion.
Third spot on our list of African countries with the best economy goes to Egypt. Egypt has a much-diversified economy. It drives its revenue from various sector including agriculture, tourism, industry, and services sector.
During so-called Arab Spring, Egypt also underwent political turmoil. The country had to suffer an economic backlash after the democratic government of Mohammad Morsi was overthrown by the dictator Fatah Al Saisi. Further, economic future of Egypt depends upon the stability of the government.
Egypt has huge prospects of tourism due to the presence of ancient sights that belonged to the era of pharaohs. According to World Bank estimate of 2017, Egypt has GDP of $1.3 trillion.
Algeria is significant country in the world, mainly because of its geographical position. According to 2013 stats, Algeria’s economy grew by 2%.
Algeria is also the largest country in Africa. It has also credit to be the largest country in the world. It has remained a former French colony and important country under the Ottoman rule.
Algeria is the significant coastline of Mediterranean Sea. It drives its economy from its active industrial sector. According to World Bank estimates of 2016 Algeria $597.9 billion GDP.
Angola is one of the rapid developing economies. Active economic sectors of Angola include fisheries, agriculture, construction and non-oil and petroleum energy sector. A network of rivers and sub-Saharan dessert is what forms the country’s landscape and also the economic inclination.
According to World Bank Angola had GDP of $89.63 billion in 2016.
Morocco is significant African country with respect to geo-political influence. It is one of the rapidly developing economies in Africa and rest of the world.
The active economic sector in Morocco are forestry, fishery, and agriculture, tourism, textile and construction. Morocco’s telecom sector is also a key player in the economy of the country.
In 2016 Morocco had GDP of 101.4 billion USD. Rapid developments in Morocco’s economy are due to liberal policies and privatization of industrial sector.
Last but not least, we wrap up our list with Libya. Libya has remained an example of socialist policies in Africa and rest of the world, till the time of Moammar Qaddafi. The impact of Arab Spring and civil war, made the country a victim of turmoil.
Libya drives its revenues from oil income. Revenue from oil sector makes almost 80% of Africa’s GDP. May be, Libya could have been one of the most developed countries if there was no political turmoil.
According to World Bank estimates, Libya had a GDP of 34.7 billion USD. Libya has also potential to be one of the fastest developing economies if country succeeds in attaining pre-war economic stability.
We conclude our list of African countries with the best economy here. If you have any suggestions, feel free to let us know on the comment section.