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To be successful, nations need . The NG-ACBP also underscores the World Banks efforts to support a green, resilient, and inclusive recovery from the impacts of the COVID-19 pandemic while addressing the longer-term challenge of climate change in Sub-Saharan Africa. Investment growth in SSA fell from 6.8% in 2010-2013 to 1.6% in 2021, with a sharper slowdown in Eastern and Southern Africa than in Western and Central Africa. If you continue to navigate this website beyond this page, cookies will be placed on your browser. FT ranking: Africa's Fastest Growing Companies 2023 Social Protection & Jobs, Agriculture, Transport, Water, Energy & Extractives, Finance and Environment are among the top practices benefitting from these contributions. Adapting to climate change and building climate resilience. If you continue to navigate this website beyond this page, cookies will be placed on your browser. Supporting inclusive governanceand transforming economies Enabling efficient and inclusive delivery of services, such as judicial courts, waste management, water, electricity, ICTand safety nets, and building strong and accountable institutions and systems that are resilient to economic, social, and environmental pressures are the foundations of the Banks work on governance and inclusion in Africa. As countries increasingly resorted to measures such as subsidies, temporary waivers of tariffs and levies, and income support for the most vulnerable peoplein an effort to limit the rise of food and fuel pricesthe fiscal deficit of the region widened to 5.2% of GDP in 2022, up from the estimated 4.8% of GDP in 2021. Creating jobs:Micro, Small, and Medium-Sized Enterprises, which provide the majority of jobs, have been particularly hard hit across the region where informal firms dominate employment. IMF World Economic Outlook puts Ghana in the lead In Madagascar, the Connectivity for Rural Livelihood Improvement Project has increased the resilience of infrastructure and improved peoples livelihoods, helping reduce fragility, migration, and a sense of marginalization. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. In addition, regional integration and the implementation of a continental free trade area hold huge potential to spur economic transformation across SSA. Among the 10 largest economies in SSAwhich represent more than three-quarters of the regions GDPeight are growing at rates that are below their long-term average growth, including Sudan, Nigeria, Angola, and Ethiopia. Top 10 Fastest Growing Economies in Africa by GDP The GDP growth of Western and Central Africa is estimated to decline to 3.4% in 2023, from 3.7% in 2022, while that of Eastern and Southern Africa declines to 3.0% in 2023, from 3.5% in 2022. AGCOMs productive alliances are fostering job creation in Malawi, with opportunities for employment crucial to buffer the impact of a looming food crisis and to create opportunities for the 400,000-plus young people joining the workforce in Malawi every year. Heightened insecurity, rising food inflation, rising debt service payments and stalled reforms are major roadblocks to Nigeria's recovery process. TheMauritania Decentralization and Productive Intermediate Cities Support Projectcontributes to the development of selected intermediate cities in the South and East and technical support to the decentralization process. Its GDP of $6.81 . Improved and timely access to markets, via better roads, has also helped farmers, especially rice farmers, boost their income by selling their produce at higher prices. The World Bank partners with the government to promote private sector-led, jobs-intensive growth, strengthen human and physical assets, and support effective resource management. Photo: pixabay.com Source: UGC Sub-Saharan Africa to post 4.2% growth in 2024 - NTU Singapore Botswana is one of fastest-growing economies in Africa and is set to continue making strides with expected economic growth of 9.7% in 2021. The Digital Economy for Africa (DE4A) initiative supports the operationalization of the AUCs digital transformation strategy (DTS) 2020-2030 to ensure that every individual, business and government in Africa are digitally enabled by 2030. AGCOM had signed a total of 265 productive alliances by the end of 2022, half of them with businesses dealing in essential foodstuffs, such as soya beans and dairy products. This is slightly higher than the average for the Sub-Saharan Africa region but lower than the average for Upper Middle-Income countries. The project supported upgrades of 2,185 community infrastructures, such as schools and clinics, through 950 community-driven development programs and 1,235 public work schemes. Meet South Florida's fastest-growing companies with revenue under $25 Safety and security have improved; before, the vehicles and travelers forced to move slowly on bad roads were subject to banditry. Africa is a place like no other, and its economy has its own unique characteristics. African countries are among the fastest growing economies in the world Economic activity in South Africa is set to weaken further in 2023 (0.5%) as the energy crisis deepens, while the growth recovery in Nigeria for 2023 (2.8%) is still fragile as oil production remains subdued. Strengthening human capital:Education is critical in the fight against poverty and inequality. Boosting Sub-Saharan Africas human capital through education and empowerment. The COVID-19 pandemic has highlighted the importance of regional integration as a key element of Africas recovery efforts to better coordinate on regional disease surveillance and response plans, keep regional trade flows open, address fragility that could spill across borders, support private sector recovery, and much more. Growth conditions, however, remain insufficient to reduce extreme poverty and boost shared prosperity in the medium to long term. South Africa 's economy is the most developed in Southern Africa. Insurance industry. Social Safety NetsIn Angola, the Social Protection System Project, known locally as theKwenda Project, has registered nearly 600,000 households across 18 provinces to receive cash transfers, of which about 60% are female-headed. Non-resource-rich countries are projected to grow 4.2% in 2023 and to pick up to 5.1% and 5.3% in 2024 and 2025, respectively. By Jaco Maritz. Urama said: Africa has a significant role to play in driving inclusive growth and sustainable development globally. Agriculture and agro-processing. Coordination with fiscal policy will further strengthen the levers to ease inflationary pressures. This site uses cookies to optimize functionality and give you the best possible experience. They are the Democratic Republic of Congo (6.8%), The Gambia (6.4%), Mozambique (6.5%), Niger (9.6%), Senegal (9.4%), and Togo (6.3%). East Africa maintained its lead as the continent's fastest-growing region followed by North Africa and West Africa's. Top 10 Fastest Growing Economies in Africa 2022 1. Image:REUTERS/Mike Hutchings. Together with the AUC, the United Nations Office of the Special Adviser on Africa (OSAA), and the UNDP, the World Bank is a co-organizer of the Tokyo International Conference on African Development (TICAD). Fastest-Growing Local Economy in Every State. Africa is one of the world's fastest-growing consumer markets. Partners contributing to the alliance include the African Union, the United Nations Global Crisis Response Group, the World Food Programme (WFP), the UN Food and Agriculture Organization (FAO), the UN International Fund for Agricultural Development (IFAD), as well as the International Food Policy Research Institute (IFPRI). However, Africas resource base and associated investments could help accelerate progress by developing diverse energy sources. Regional integration:These new challenges, combined with the COVID-19 pandemic, have highlighted the importance of regional integration to Africas recovery efforts. With a comprehensive regional growth analysis, the report shows that all the continents five regions remain resilient with a steady outlook for the medium-term, despite facing significant headwinds due to global socio-economic shocks. The next CPF, beginning FY24, will be designed to support the Transitional National Development Plan (March 2023 March 2025) and NDP12 from April 2025. The economic recovery in sub-Saharan Africa surprised on the upside in the second half of 2021, prompting a significant upward revision in last year's estimated growth, from 3.7 to 4.5 percent. The impact was lifechanging, Stepping up to support regional integration in Africa. Fastest growing industries in South Africa. Project support for the Inspection Gnrale des Finances (IGF), which includes the development of risk-based audit approaches, training for more than a hundred new staff, and the acquisition of IT equipment and audit applications, has helped IGF undertake effective financial investigations that are contributing to reining in corruption and misappropriation of public resources. FT ranking: Africa's Fastest Growing Companies 2023 To address the overlapping crises impacting the region and deepen and accelerate support for African development, the WBG works in partnership with a broad range of actors, aligning objectives and exploiting synergies and comparative advantages. Watch, listen and click through the latest videos, podcasts and slideshows highlighting the World Banks work in Sub-Saharan Africa. The World Bank also supports countries in addressing forced displacement and refugees. The continent remains a treasure trove for smart investors globally.. There are many smart investment opportunities in key sectors: agriculture, energy markets, minerals, health infrastructure and pharmaceutical industries, light manufacturing, transport and logistics, digital economy and more. Meanwhile, the World Bank Groups private sector arm, the International Finance Corporation (IFC), is working to increase financing for small businesses, develop digital infrastructure, help keep agriculture supply chains running, and enable local manufacturers to access working capital. A new study ranked Miami as the second fastest growing large city in America while other Florida cities also made the list. Africa is the place to invest., Bold policy actions to help African economies mitigate the compounding risks. reliance on the exportation of commodities whose prices have already begun to decline in the face of the pandemic. Taking decisive action to reduce structural budget deficits and the accumulation of public debtin countries facing a high risk of debt distress or already in debt distress. Weak economic performance is expected among CEMAC countries in 2023 (2.7%), while growth of WAEMU countries is expected at 5.5% in 2023, and these countries will grow at a faster pace in 2024 (7.0%). India is the best place for a new business because this is going to be the fastest-growing economy in the . The West African nation's GDP is expected to grow by 8.5% this year. Figures of the week: Regional heterogeneity in Africa's economic growth It was one of three Austin-area cities that ranked . Two empirical studies undertaken for the World Banks March 2023 report, Digital Africa: Technological Transformation for Jobs, add to the rapidly growing evidence base that technology provides a pathway to inclusive growth. Top 5 economies in Sub-Saharan Africa to watch out for in 2023 The region is composed of low, lower-middle, upper-middle, and high-income countries, 22 of which are fragile or conflict-affected. The World Bank will continue to strengthen this platform to support the Initiative with knowledge, analytics, and investments to foster regional cooperation as a model of green, resilient and inclusive development in the Horn of Africa. The World Bank has launched the Agile Regulation for Digital Transformation Capacity Building Program (A.Reg4DT) in partnership with GIZ and Smart Africa Secretariat to enhance the regulatory capacity for digital transformation and facilitate regional collaboration. SWEDD has so far reachedmore than 2 million girlsin nine countries, beyond the Sahel region, with $680 million in Bank funding. In his presentation, African Development Bank Acting Chief Economist and Vice President Kevin Urama observed that Africa is still a favorable destination for investments in human capital, infrastructure, private sector development, and natural capital. Despite the confluence of multiple shocks, growth across all five African regions was positive in 2022and the outlook for 202324 is projected to be stable., Niale Kaba, Minister of Planning and Development of Cte d'Ivoire, said: The release of this report by our bank, the African Development Bank Group, at this time of the year is an excellent opportunity for Africa and its global partners. Because many natural resource projects are located in remote and rural communities, the scale-up of green energy investments and regional infrastructure could be leveraged to alleviate rural poverty and promote productivity gains. Speaking at the India Today Conclave South 2023, Infosys co-founder Kris Gopalakrishnan said he is "very bullish" on India's startup ecosystem, adding that India's rapid economic growth makes it ideal for setting up new businesses. The World Bank Group is a founding member of the Sahel Alliance, along with France, Germany, the European Union (EU), African Development Bank (AFDB), and United Nations Development Programme (UNDP). Its outcomes from February 2014 to December 2022 include improved access to livelihoods for 530,000 beneficiariesover 200,000 of them womenthrough cash transfers, cash-for-work, and other safety net activities, disbursing more than $93 million overall. Botswana Overview: Development news, research, data | World Bank In the Republic of Congo, the $41.8 million Emission Reductions Program (ERP) in Sangha and Likouala aims to reduce emissions from deforestation and forest degradation by rewarding the conservation efforts of key stakeholders with matching payments of their efforts. Under the Plan, the Bank is channeling $22.5 billion to Sub-Saharan Africa for climate adaptation and mitigation from 202125. Over the last few years, the Bank has strengthened its engagement in the most volatile situations, such as the Sahel and the Horn of Africa, facilitated by enhanced diagnostics, footprint, financing, implementation tools, and partnerships. African economies to watch in 2020, debt and climate crisis - Quartz The Bank Group is committed to expanding our partnerships on regional cooperation and integration in support of Agenda 2063a strategic framework to support inclusive and sustainable development in Africa. With a projected 26.21% growth in 2020, Guyana is the fastest growing economy in the world. U.S. States With the Fastest-Growing Economies | FilterBuy - Chron Internet availability can increase jobs and reduce poverty in African countries and the digital revolution is a historic opportunity for Africa to leapfrog into the fast-growing $11.5 trillion global digital economy and bypass traditional economic stages. A few years in, the results are promising: the benefits of investing in smallholder commercial agriculture and its productive alliances approach are proving to be an effective way for smallholders to get organized and improve their productivity and sales. TheDRC, supported by$800 million in IDA financing, is driving major education reforms that include free primary school and improved teacher payment and recruitment systems. The Liberia Social Safety Nets Project launched the governments first-ever urban cash transfer program. In Somalia, theBaxnaano programhas provided a platform for the government to play a role in social safety net provision to households facing chronic poverty and the aggravating impacts of multiple, climate-related shocks. Efforts to vaccinate Africa against the COVID-19 pandemic and other diseases are ongoing. They are the Democratic Republic of Congo (6.8%), The Gambia (6.4%), Mozambique (6.5%), Niger (9.6%), Senegal (9.4%), and Togo (6.3%). The alliance coordinates development efforts and financing in Burkina Faso, Chad, Mali, Mauritania and Niger, to support resilient growth and stability in the Sahel. You can unsubscribe at any time using the link in our emails. Botswana is located at the center of Southern Africa, positioned between South Africa, Namibia, Zambia, and Zimbabwe. The International Monetary Fund's (IMF) . The World Banks Country Partnership Framework (CPF) for the period of FY16FY21 has expired, and a new CPF will be prepared soon. Amidst waning global growth and the projected stabilization of diamond prices, growth is expected to moderate to about 4.0% in 2023, driven by the diamond sector and the non-mining sector largely through services as increments in public sector wages drive demand in the retail sector. Growth is estimated to pick up to 3.7% and 3.9% in 2024 and 2025, respectivelythus signaling that the slowdown in growth should be bottoming out this year. These include Kenya, Cote dIvoire, and the Democratic Republic of Congo (DRC) which grew at 5.2%, 6.7%, and 8.6% respectively in 2022. Georgetown is the fastest-growing city in the U.S. The World Bank Group also continues to prioritize investments indigital economy. Collaboration with the United Nations High Commissioner for Refugees (UNHCR), the International Organization for Migrations (IOM), the EU, the AUC, and the International Committee of the Red Cross (ICRC) underpins World Bank programs implementing a development approach to forced displacement and fragile contexts in the Great Lakes, Horn of Africa, Sahel, and Lake Chad countries. The regions performance is still dragged down by lower long-term growth in the largest countries on the continent. Novissi predicted consumption patterns for 5.7 million individuals, or 70% of population. According to the African Development Bank's (AfDB) African Economic Outlook 2023 report, Africa is set to be the second-fastest growing region in the world after Asia in 2023-2024. Why Africa Is a Major Player in Entrepreneurship - U.S. News & World Report In South Sudan, the Safety Net Project has improved the livelihoods and resilience of thousands, providing temporary income opportunities to 423,100 individuals from 65,045 householdsacross the ten counties in South Sudan, including the capital Jube, through Direct Income Support and Labor-intensive Public Works. Support to the IDPs was provided in close collaboration with the Burkina Faso Social Safety Net Project ($166 million). The project provided complementary support for the preparation of the Community-Based Recovery and Stabilization Project for the Sahel ($352.5 million). The World Bank has taken fast action to help African countries strengthen their preparedness and health systems. Sub-Saharan Africa, home to more than1 billion people, half of whom will be under 25 years old by 2050, is a diverse continent offering human and natural resources that have the potential to yield inclusive growth and eradicate poverty in the region. We are also offering technical advice via a new diagnostic tool called the Country Climate and Development Reports (CCDRs). . In theAfrica region, reports have been completed for: Angola, Burkina Faso, Cameroon, Chad, Ghana, Malawi, Mali, Mauritania, Niger, Rwanda, and South Africa. The World Bank also supports accelerating the regional integration efforts for the digital market in Africa, and works closely with the RECs, including ECOWAS Commission, EAC, and IGAD, to strengthen their capacity to coordinate and advise their member countries in the region. The WBG has scaled up its financial support to the G5 Sahel countries through the International Development Association (IDA) to support conflict prevention, resilience, and emergency responses, with IDA financing estimated to reach $6.5 billion for fiscal years 21-22. This is part of a $400 million IDA program across six countries in West Africa. Cte d'Ivoire was projected to be West Africa's fastest-growing economy this year at 5.7%, but Senegal is set to overtake it - expanding 4.8% this year before speeding up to 8% in 2023 and. Regional Economic Outlook for Sub-Saharan Africa, April 2022 - IMF around 100,000 Paris - Brazzaville plane flights). It is promoting, for example, access to the Internet and mobile devices through a financing scheme that incorporates incentives for operators and collaborates with womens groups to improve womens access to smartphones. 'Fastest-growing' India is the best place for new businesses: Infosys Political uncertainty has held growth back in the biggest economies on the continent. Read the World Banks plan to support African countries to strengthen the quantity, efficiency and impact of investments in people. Countries With the Fastest Growing Economies | U.S. News All the five regions of the continent remain resilient with a steady outlook for the medium-term. An additional 68,000 Rwandan children aged 5 to 14 years can now access school within a two-kilometer radius, cutting down their travel. The Africa Region also leverages the combined strength of the entire World Bank Group by working closely with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) in energy, digital, agribusiness, water, transport, and other priority areas. China and Russia's Growing BRICS Bloc Speeds Decline of U.S - Newsweek The views expressed in this article are those of the author alone and not the World Economic Forum. The last CPF was developed in close alignment with the governments National Development Plan 11 (NDP 11) and Botswanas Vision 2036 goals. Africa's Rapid Economic Growth Hasn't Fully Closed Income Gaps - IMF There are 18 countries and 2 dependencies in East Africa. Women accounted for 100% of its direct recipients, nearly 40% of them using SIM cards for the first timea major step in financial inclusion for poor women in Somalia. The 2022 CPIA Report measures each countrys quality of policies and institutional frameworks, and ability to support sustainable growth and poverty reduction, covering the year from January to December 2021. The World Bank Group (WBG) leverages partnerships, knowledge, and financing instruments to further its twin goals of ending poverty and promoting shared prosperity. In addition, the project has supported complementary training (the Cash Plus component) empowering households, particularly women, with additional skills and knowledge in financial literacy, water, hygiene, and sanitation (WASH), and early childhood development to improve the well-being of their families. The fastest-growing industries in South Africa include: Finance and banking. In the largest-ever school expansion effort, Rwanda has added more than 22,500 new classrooms with accessibility features such as ramps for wheelchairs and gender-segregated toilets to allow students. Ghana is . The world's fastest-growing economy is located in Africa: Ghana's economic strength is expected to soar in 2019. . 2.3 million additional students enrolled in public primary schools in school year 202122; 58,000 new teachers were brought on the payroll through a new merit-based recruitment program and paid regularly; and 20,000 safe and inclusive school focal points were appointed in public primary schools as part of major efforts to reduce sexual exploitation and abuse/sexual harassment (SEA/SH). To learn more about cookies, click here. The Bank remains the largest financier for climate action reaching $22 billion in FY 2022; of which about $10 billion was from African countries reflecting 36% of climate co-benefits. Employment growth picked up in the first half of 2022, but the labor market situation remains challenging. GDP has sat above $300bn between 2017-2020 highlighting its dominance across the region. The authors note that Africas growth is largely tied to trade, which has already seen a steep decline from 5.7 percent growth in 2017, to 1.1 percent in 2019 under the pandemic. The government has further forecast 4.3% growth in GDP in 2022, according to its budget strategy document. Mzansi is Africa's economic powerhouse because its R1.9 trillion (US$283bn) Gross Domestic Product (GDP) is 30% of the entire continent's GDP. Bank of Botswana tightened monetary policy in 2022, raising the newly introduced Monetary Policy Rate by a cumulative 151 basis points. the Novissi platform delivers contactless, emergency cash transfers based on machine learning techniques and mobile money.

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