A report gleaned from Ventures Africa indicates that the top 5 performing economies in Africa have changed from last year.
The Africa’s top 5 for 2013 are Malawi, Mozambique, Angola, Ethiopia and Zambia, in order of position.
According to auditing firm Ernst & Young’s 2013 Competitive Survey, the projected GDP growth from 2012-2017 identify Malawi, Mozambique, Angola, Ethiopia and Zambia as economies that will outperform others.
Underlisted are the top performing economies in Africa.
Malawi
According to the African Economic Outlook, Malawi’s economic growth in 2013 and next year is forecast to bounce back to 5.5 percent and 6.1 percent respectively. The state has renewed its commitment to credible macroeconomic policies. Good governance has prompted the International Monetary Fund (IMF) to approve a new Enhanced Credit Facility (ECF) programme for the country. This has led to the reopening of donor financial back-up to Malawi.
Mozambique
Mozambique’s steady ramping up of coal production, the implementation of large infrastructure projects and creditexpansion are expected to continue to drive growth to 8.5 percent in 2013 and 8 percent in 2014, according to the African Economic Outlook. The World Bank says the country’s emerging extractive industry could also provide the means for Mozambique to reach the status of a middle-income country by 2025.
Angola
Angola’s economy bounced back robustly after recording sluggish growth due to oil and financial crises. The Report forecast growth in Angola to rise to 8.2 percent in 2013 and 7.8 percent in 2014 on the back of oil and gas sector expansion. There is also a public expenditure programme made to inspire economic diversification.
Ethiopia
Ethiopia’s economy saw a ninth successive year of vigorous growth last year estimated at 6.9 percent, the African Economic Outlook states. The growth was driven by a surging role for services and industry. This motion is set to stay until next year.
Zambia
Growth in real GDP moved faster to 7.3 percent last year from 6.8 percent posted in 2011. In the next 24 months, economic growth in Zambia is forecast to stay strong. In 2012, the economy continued to be strong driven by expansion in agriculture, construction, manufacturing, transport and finance. According to the African Economic Outlook, prospects for the future of the country remain bright.