AFRICANGLOBE – Africa is bestowed with young, fast-growing population. This population has been credited with the current economic boom all over the continent. We have compiled a list of six countries in Africa with the highest projected compounded annual growth rate (CAGR). The data comes from World Bank’s Global Economic Prospects (G.E.P).
Growth in Africa is projected to slow to 4.2 percent on average in 2015 from 4.6 percent in 2014. This is a downward revision of 0.5 percentage points relative to January 2015 GEP. Growth will then pick up in the coming year to an average of 4.6 percent. An increase to 5.0 percent is expected to be witnessed in 2017. This growth increase will be fuelled by domestic demand, continuing infrastructure investment and private consumption driven by lower oil prices.
It is mostly a rural country where 90 percent of the population depend on subsistence agriculture and some mineral and agro-processing. Tourism, minerals, coffee and tea are the main sources of foreign exchange. The 1994 genocide severely damaged the fragile economy. However, Rwanda has made substantial progress in stabilizing the economy to and further than pre-1994 levels.
GEP projection for Rwanda: 2015 GDP +7.00% / 2016 GDP +7.00% / 2017 GDP +7.50%
2014-2017 GDP CAGR +7.12%