Mozambique and Angola amongst sub-Saharan African countries to grow most by 2023

27 February 2014

Mozambique is the sub-Saharan African country that is expected to see the biggest growth in the next decade, according to Business Monitor International in its report on “African Lions” which also includes Angola in the list of the ten most promising countries.

In the report, the British consultants estimate that Sub-Saharan Africa’s Gross Domestic Product (GDP) will grow by an average of 5.5 percent per year until 2023, which compares with 5.4 percent for the Asia Pacific region excluding Japan, 4.3 percent in the Middle East and North Africa, 3.9 percent in Latin America and 3.5 percent in European emerging economies.

“This outlook led observers to coin the term ‘African Lions’ which, like ‘Asian Tigers’ has economies that are experiencing periods of rapid growth and great interest from investors,” said the report by BMI, a London-based consultancy with offices in New York, Singapore and South Africa, cited by Portuguese news agency Lusa.

The ten countries chosen, listed by their expected rates of growth in the next ten years, are Mozambique, Tanzania, the Ivory Coast, Uganda, Nigeria, Zambia, Angola, Ghana, Kenya and Ethiopia.

The 54-page report analyses Africa’s ten most promising economies and explains the criteria on which the selection was based (all countries have to have an economy worth over US$10 billion, over 40 points out of 100 in a risk analysis, and 30 out of 100 for their business climate) and notes that all these economies will more than double their size in terms of nominal GDP. (macauhub)