South Africa to regain its position as 1st African economy in 2024

According to the report entitled World Economic Outlook April 2024, published on April 16 by the International Monetary Fund, the rainbow nation steals the top spot from Egypt, which took first place in 2023.

Algeria moved up to third place and Nigeria to fourth, thanks to rising hydrocarbon prices.

The ranking of economic powers in Africa takes into account currency fluctuations, persistent high inflation and rising hydrocarbon prices.

Nigeria’s gross domestic product, which was 1st in the ranking until 2022, is expected to reach USD 253 billion this year at current prices, according to the multilateral financial institution.

Algeria’s GDP is expected to stand at USD 267 billion, while Egypt’s is set to reach USD 348 billion, compared with USD 373 billion for South Africa.

South Africa’s economy could also benefit from improved energy supplies.