Africa's GDPs Exit the Pandemic Era Second to None
The continent is home to five of the world’s 10 fastest-growing economies, a development spurred by the accelerating transition to wireless commerce.
Africa’s economy is going wireless.
Photographer: Tony Karumba/AFP via Getty Images
For all of Covid-19's disruptions, one trend during the global pandemic presses on unabated. And that would be five of the world's 10 fastest-growing economies continue to be based in Africa and at least several more on the continent over the next two years are poised to outperform the world.
The coronavirus, if anything, accelerated the transition among Africa’s 54 countries to wireless, remotely engaged commerce from traditional exporters of natural resources in a region of the world where people are younger than anywhere else on average. Three years ago, Uganda, Ivory Coast, Egypt, Ghana, Rwanda and Kenya were among the global top 10 fastest growing economies as measured by their increasing gross domestic product. The same countries, excluding Egypt, dominated again in 2021 and 2022, with Rwanda’s GDP expanding 11.1% and 8.2% when the world averaged 6.3% and 3.5%, according to data compiled by Bloomberg.