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Expectation that the Largest Economies in Africa Will Slow Down the Rest of the Region

The World Bank released its report on global economic prospects this week. It said that Niger, Senegal, and Rwanda will be among the world’s fastest-growing economies in 2024. The oil sector is boosting Niger’s growth, which is expected to reach 12.5% this year. This will make it the second-fastest growing economy in the world, after Guyana’s 38.2%. Guyana also has a thriving oil sector. Three more African countries will join the top 10 fastest-growing economies: the Democratic Republic of Congo, Cote d’Ivoire, and Ethiopia. The World Bank blamed this on Nigeria’s currency reform, Angola’s oil production shortfall, and South Africa’s energy and transportation problems.