Top 5 economies in sub-Saharan Africa to watch out for in 2023 IMF

• Published date: 10 February 2023
• Publication title: Business and Financial Times

Just when Africa's economy appeared to be recovering from the COVID-19 pandemic, a range of internal and external shocks struck such as adverse weather conditions and the Russian invasion of Ukraine all of which worsened already rapidly-rising rates of inflation and borrowing costs in 2022.One may argue that the direct trade and financial linkages of Africa withRussia and Ukraineare small, but there is evidence of how the war has damaged the continent's economies through higher commodity prices, higher food, fuel and headline inflation.Regardless of these challenges, Africa still stands strong as home to some of the world's fastest-growing economies.

According to International Monetary Fund's (IMF) recentWorld Economic Outlook, 5 of the world's fastest-growing economies areAngola, Ethiopia, Nigeria, Kenya and South Africa,Business Insider Africa has reported.This economy could quadruple in size, and its growth is expected to be at 3.

6% in 2023 and rise to 3.9% in 2024.Angola Angola is set to reclaim its spot as the third-largest economy in sub-Saharan Africa, thanks to a return to growth linked to higher oil prices.

Angola is the continent's second-largest oil producer after Nigeria and is also a significant producer of rough diamonds. The IMF expects Angola's GDP to expand by 8.

6% this year, reaching US$135billion. This is a significant increase from previous years, and Angola's economy will likely continue to grow in the coming years.

EthiopiaEthiopia is set to replace Kenya as the fourth-largest economy in sub-Saharan Africa, according to the IMF. This is due to the easing of armed conflict in the nation...