africa gdp forecast 2030

This surge was driven by several large, capital intensive projects in the real estate, hospitality and construction, and transport and logistics sectors,” the report said. “During 2016, capital investment into Africa rose 31.9percent. Morocco’s automotive sector was the big draw card for foreign investors, with the sector attracting 14 projects in 2016, up from just four projects in 2014. Of course, that still leaves it trailing behind the world’s richest countries. For the first time in a decade, investment accounted for more than half the Africa’s economic growth has stabilized at 3.4 percent in 2019 and is expected to pick up to 3.9 percent in 2020 and 4.1 percent in 2021 but to remain below historical highs. Nigeria’s economy will more than double in the next 15 years, according to projections from the United States Department of Agriculture. The model did not examine most African nations (only South Africa, Egypt, Algeria, and other larger countries were included) or small island nations; however, it did cover more than 90 % of the world's overall GDP as of 2010 (Motohashi 2014). Egypt was the third largest beneficiary of foreign investment on the continent with 79 projects, followed by Nigeria with 51 projects and Kenya with 40 projects. The first African country with a GDP over $1 trillion in 2030 will be Nigeria, according to experts. Click through to find out which countries will have the largest economies on the continent in 15 years time. By providing your email, you agree to the Quartz Privacy Policy. Nextbigfuture GDP PPP 2030 Forecast. Around 60% of Algeria's workforce is employed in the public sector, and this country is expected to be the fourth largest economy in Africa in 2030. Our emails are made to shine in your inbox, with something fresh every morning, afternoon, and weekend. On a purchasing power parity (PPP) basis, Asia will have 42% of the world economy next year. projections from the United States Department of Agriculture. Data from the U.S. Department of Agriculture says Ghana's GDP will be valued at $101.4 billion in 2030, making it the 10th largest African economy. Chinese companies invested in 66 projects in the continent valued at $36.1bn, making it the biggest investor in Africa when it come to the value of the projects. South Africa, Morocco, Egypt, Nigeria and Kenya collectively attracted 58percent of the continent’s total FDI projects in 2016. The title of Africa's second largest economy will still belong to South Africa in 15 years time according to experts who predict GDP will reach $810.6 billion -- nearly double current figures. AFRICA is well on track to be a $3trillion (R39.63trln) economy by 2030 through economies of nineteen countries that are expected to grow more than 5percent in the process. The country’s economy was rebased last year giving more weight to these newer sectors meaning Nigeria overtook South Africa as the continent’s economic powerhouse. The bank sees developing economies like Indonesia, Turkey, Brazil, and Egypt all moving up the ladder – and by 2030, it estimates that seven of the world’s largest 10 economies by GDP (PPP) will be located in emerging markets. The top economies in the world, the United States and China, will reach over $20 trillion in GDP by 2030. But other industries such as the booming film and telecommunications sectors, as well as manufacturing, have picked up in recent years. Oil-rich Angola is expected to have a GDP of nearly $226 billion in 2030 which would make it the fifth largest economy on the continent. In August last year, Japanese Prime Minister Shinzo Abe announced $30bn in investment to Africa, including about $10bn committed toward electricity generation projects and for the upgrading urban transport systems and ports. A total number of 139 FDI projects were implemented in the country, including Nestlé's launch of its instant coffee factory in KwaZulu-Natal after investing $87.4m in the plant’s expansion. In sixth place comes Morocco, with a projected GDP of $184 billion in 2030. By 2030 it is expected to climb up to 19th place just ahead of the Netherlands. On the Foreign Direct Investment (FDI) front, the report found that South Africa retained its appeal as a launchpad for growth across the continent, with North African countries making inroads in attracting foreign investment. The continent began to feel the aftermath of the Brexit vote in the period, with the UK share of foreign investment into African easing from 10percent in 2015 to 6.1percent last year. Experts predict GDP of $330.7 billion. Investment per project averaged $139million, against $92.5m in 2015. Between now and 2030, Egypt’s economic status in the world will make a massive jump. All rights reserved, Please visit the official Government information portal for Coronavirus by clicking HERE. By 2030 it is expected to climb up to 19th place just ahead of the Netherlands. South Africa also outpaced Kenya to resume the role of being Africa’s largest intra-regional investor last year after Kenya’s outbound FDI projects sharply declined from 36 in 2015 to 14 last year. Projections say Libya's GDP will reach $128.2 billion in 2030, but the turmoil the country is currently experiencing following the fall of dictator Moammar Gadhafi may affect the calculations. In 2030, the world will have about 8.56 billion and Asia will have nearly 5 billion people. The calculation says the country's economy will more than double in that time frame. Nigeria’s economy, which has been expanding by about 7% annually for the last decade, is largely dependent on oil. Investments from the US accounted for 13.5percent of all inward investment projects in the continent, with projects valued at $3.6bn. The most notable decline recorded by EY was with regards to the FDI jobs that plummeted by 81.4percent. Ethiopia is slated to be Africa's eighth largest economy in 2030 with a GDP of $122.3 billion. Structural evolution will continue, and as economic conditions improve globally, much of Africa will be well positioned to accelerate the growth momentum once again,” the report said. Nigeria will still come in behind Russia, Mexico, Turkey, and Saudi Arabia. “Overall growth is likely to remain robust, relative to most other regions over the next decade. Kick off each morning with coffee and the Daily Brief (BYO coffee). The EIU has an established methodology for producing long-term economic forecasts for 82 economies. The report, titled EY’s Attractiveness Program Africa 2017, said the long-term outlook for Africa was far more positive as economies were in a fundamentally better place now than they were 15 to 20 years ago. Figure 3.3 shows the 2030 forecast of GDP shares (in US dollars) by country and region, based on this model. Today’s emerging markets are tomorrow’s powerhouses, according to a recent forecast from Standard Chartered, a multinational bank headquartered in London. © 2020 Quartz Media, Inc. All rights reserved. Kenya's GDP will be $107.5 billion in 2030, according to the projections. Today, with an annual GDP of around $500 billion, Africa’s largest economy is 27th in the world. This is 1 to 5% faster annual growth than the rest of the world. The report said the continent attracted healthy foreign investment in the period across sectors. Last year, companies from the US invested in 91 projects in the continent with South Africa benefiting from 28 of theses projects, with Morocco having had 14 projects and Egypt 13 projects and Kenya with 11 projects. Egypt’s GDP will rise from $1.2 trillion to $8.2 trillion by 2030. Today, with an annual GDP of around $500 billion, Africa’s largest economy is 27th in the world. The calculation says the country's economy will more than double in that time frame. Long-term forecasts and scenarios are also key to understanding some of the big economic issues that will shape global business in the coming decades. © 2020 Independent Online and affiliated companies. South Africa saw an increase of 6.9percent in FDI projects in the period compared to 2015 - accounting for 20.6percent of all projects undertaken in the continent in the period under review. These are some of our most ambitious editorial projects. Morocco was Africa’s second largest recipient of FDI, with 81 projects. Growth’s fundamentals are also improving, with a gradual shift from private consumption toward investment and exports. South African companies invested in 29 projects valued at $1.6billion across the continent in the period. Egypt's sweeping reform program aimed at addressing the budget deficit will be part of the reason the country's GDP grows to $471.5 billion by 2030, experts say. The first African country with a GDP over $1 trillion in 2030 will be Nigeria, according to experts. Enjoy! A latest report by professional services firm Ernst & Young (EY) has said that 17 countries would average growth of between 3and 4.9 percent during period. Asian countries are still maintaining GDP growth of 4-8% depending upon the country. Source:Supplied These are the core obsessions that drive our newsroom—defining topics of seismic importance to the global economy.

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