Zimbabwe has been placed number 10 among the 12 fastest growing countries in Africa in 2021, according to insidermoney. Com, a finance website that provides free insider trading and hedge fund data to ordinary investors.
It says it used data from the World Bank’s annual GDP growth 2021 list to compile its ranking of the 12 fastest-growing economies in Africa.
- Ethiopia
GDP growth in 2021 according to World Bank: 5.64%
Ethiopia is the second-most populous nation in Africa after Nigeria, with an anticipated 117 million residents in 2021. With 6.1% growth in FY2020/21, it also saw the strongest economic growth on the continent. Ethiopia’s economy, however, slowed to 5.6% growth in 2021 due to the civil war and COVID-19’s repercussions on the travel and hotel industries. From 20.4% in 2020 to 26.7% in 2021, inflation rose far beyond the central bank’s 8% objective. GDP growth is predicted to dip to 4.8% in 2022 before rebounding to 5.7% in 2023, with industry, private consumption, and investment driving development.
- Republic of the Congo
GDP growth in 2021 according to World Bank: 5.71%
Democratic Republic of the Congo (DRC) growth had a remarkable comeback, rising from 1.7% in 2020 to a projected 5.7% in 2021, far higher than the 4.5% average in sub-Saharan Africa. The strength of the nation’s mining and services sectors was a key factor in the robust rebound. In a setting characterized by the continuance of the COVID-19 epidemic and the worldwide repercussions of the Russia-Ukraine war, the prognosis is encouraging but remains precarious. The accelerated vaccination campaign, increased oil production, and dynamics in the agricultural and mining sectors are projected to stifle GDP growth to 4.3% in 2022 and 3.2% in 2023, respectively.
However, the mining sector in the country remain strong and major players like Newmont Corporation (NYSE:NEM), Barrick Gold Corporation (NYSE:GOLD), and Freeport-McMoRan, Inc. (NYSE:FCX) are bringing millions in investments.
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