Having enjoyed blissful growth over the past decade, Nigeria wasone of the fastest growing economies in the world, but it is not one of the 15 fastest growing economies in Africa for 2016.
In 2014 and early 2015, Nigeria was named the third fastest
growing economy in the world by CNNMoney, with China and
Qatar, taking the lead at 7.3 percent, 7.1 percent gross domestic product (GDP) growth.
For 2016, however, the coast is cloudy, and Nigeria is nowhere
near the fastest growing economies in Africa.
According to the International Monetary Funds (IMF) World
Economic Outlook for 2016, as revised in April, the fastest
growing economy in Africa for 2016 is Cote d’Ivoire and the
slowest is Chad, which is expected to record negative growth.
Cote d’Ivoire is expected to experience an 8.5 percent rise in GDP, while Nigeria’s neighbour, Chad, would see a -0.4 percent growth.
Cote D’Ivoire (8.5%), Tanzania (6.9%), Senegal (6.6%), Djibouti
(6.5%), Rwanda (6.3%), Kenya (6.0%), Mozambique (6.0%),
Central African Republic (5.7%), Sierra Leone (5.3%) Uganda (5.3%)
.
Madagascar, Zambia and Chad are expected to see a growth of 4.1
percent, 3.4 percent, 3.2 percent respectively.
The fastest growing economies in Africa by GDP growth rate, as
projected by IMF for 2016, are: Cote D’Ivoire (8.5%), Tanzania
(6.9%), Senegal (6.6%), Djibouti (6.5%), Rwanda (6.3%), Kenya
(6.0%), Mozambique (6.0%), Central African Republic (5.7%),
Sierra Leone (5.3%) and Uganda (5.3%).
DR Congo expects a GDP growth of 4.9 percent, Cameroon; 4.9
percent, Ethiopia; 4.5 percent, Ghana; 4.5 percent and Republic of
Congo; 4.4 percent.
Madagascar, Zambia and Chad are expected to see a growth of 4.1
percent, 3.4 percent, 3.2 percent respectively.
Major oil exporters, Angola and Nigeria, hard hit by the slump in
crude oil prices, are projected to see a growth 2.5 and 2.3 percent.
At 2.3 percent, Nigeria is expected to see its poorest GDP growth
since the return of Democracy in 1999.
This development has become a point of concern for the IMF, and
the World Economic Forum (WEF), which would be having its
meeting on Africa later in May.
According to the World Economic Forum, Africa’s positive
economic outlook is under pressure with the growth rate
expected to remain just under 5 per cent. Foreign direct
investment flows are expected to continue to grow, although at a
slower pace.
Rwanda has transformed dramatically since the 1994 genocide and is now placed 5th in the fastest growing African economies.
The country is one of the continent's most competitive economies and a top reformer in improving the business environment.
Ahead of the World Economic Forum on Africa in May, it is
important to recognise the major challenges that many African
economies face. Some of the major threats include commodities slump, currency devaluations and geo-security risks.
“It is important to recognize the challenges that many African
economies face – the commodities slump, currency devaluations
and geo-security risks all threaten growth,” WEF explained.
The Forum says its May meeting will highlight the need for
diversification in order to ensure inclusive economic growth,
tapping into the fourth industrial revolution’s potential to create
new industries and help reduce inequality across the continent.
The World Economic Forum on Africa 2016 will take place in Kigali,Rwanda from 11-13 May

drss2:
Cc: lalasticlala

double0seven:
Se na number IMF list we wan chop? If they like they should put us as nunber 100.

As long as we keep doing what's right for our economy, not what IMF wants, it's only a matter of time before we get results. being number one on that list won't give us the desired results.

double0seven:
Se na number IMF list we wan chop?

Jesusloveyou:
this op must be from the bush, fastest economy ko, emerging economy ni

drss2:
no be d same tin well i no blame u. ur iq too low.

BeardedMeat:
no, na body odour we go chop.

keeeem:
When you tell IMF to their fave that you don't want their loan, what do you expect them to do? They can even say your country does not exist sef. Na today? Na body dey pepper them. We don't want their loan shikenna

double0seven:


check all your contribution on the thread....... you really think you're making any sense

God won't allow you people to die of hatred.