Combined GDP of Sub-Saharan Africa countries figure projected to reach $2.4 trillion by 2023, according to analysis released by Dubai Chamber
Commodity prices, infrastructure investments and increased consumer spending power among key factors that are fuelling economic growth in the region
Growth momentum behind Sub-Sahara Africa (SSA) economies is anticipated to select up pace over with combined regional GDP projected to achieve $2.4 trillion by 2023, nearly doubling from the $1.6 trillion accounted for in 2018, as per new analysis from Dubai Chamber of Commerce and Industry.
The analysis, supported knowledge from the International Monetary Fund and Haver Analytics, was free prior to the 5th Global Business Forum Africa (GBF Africa) that takes place on November 18th-19th 2019 in Dubai.
The findings showed that economic process reached its highest level in over two decades with SSA countries recording combined GDP growth of 3.8% throughout the 2008-2018 period. This figure is forecast to extend to 8.4% over consecutive five years. Although the GDP figures are relatively small compared to other regions of the world, SSA economies are expected to continue on a path of rapid growth within the close to future.
Key economic contributors
Commodity costs, infrastructure investments, increased client defrayal power, an aggressive population, urban enlargement and improved business confidence were known as key factors supporting the expansion trend in SSA economies.
The two largest economies in SSA, Nigeria and South Africa, are the highest contributors to economic growth, along accounting for 47% of regional GDP in 2018.
Ethiopia was hierarchical because the fastest-growing economy in SSA throughout the 2014-2018 period, followed by Ivory Coast, Rwanda, Senegal, Tanzania, Djibouti, Guinea, Mali, Kenya and Niger severally. The analysis showed that 70% of these countries are not wealthy in natural resources, whereas their exports are not dominated by specific products.
SSA’s quickest growing economies give enticing business opportunities for international investors because of their stable market conditions, additionally as alternative key trends like improved business climate, sturdy government commitment towards native investments and rising foreign direct investment.
Identifying business opportunities rising in SSA is among the highest priorities of Dubai Chamber’s representative offices in Africa as these offices devote their effort and resources to exploring trade and investment potential within the region, together with alternative promising African markets.
GBF Africa 2019 can gather heads of state, ministers, policymakers, business leaders, industry experts, economists and entrepreneurs from Africa and also the UAE for a two-day forum that will examine new business prospects rising across the continent and explore new avenues of bilateral economic cooperation