- Kenya
GDP growth in 2021 according to World Bank: 7.52%
Next on our list of the fastest growing economies in Africa is Kenya. The country’s economy saw broad-based growth averaging 4.8% per year from 2015 to 2019, which greatly decreased poverty. The COVID-19 pandemic shock that slammed the economy hard in 2020 caused disruptions in travel, tourism, and urban services. Fortunately, the agriculture industry, which is a pillar of the economy, maintained its resilience, assisting in keeping the decline in GDP to a mere 0.3%. Kenya’s economy expanded by 6.7% in 2021, mostly due to the demand-side factor of private consumption and the supply-side factor of services, both of which benefited from favorable policies and loosened COVID-19 regulations.
- Rwanda
GDP growth in 2021 according to World Bank: 10.88%
After COVID-19 caused the economy of Rwanda to shrink by 3.4% in 2020, sustained fiscal stimulus, an accelerated vaccination programme, relative easing of COVID-19 restrictions, and a rebound in global demand helped GDP growth reach 10.9% in 2021. Expansion in services (12%), industry (13%), and agriculture (6%), respectively, were the growth drivers. Following a 5.9% decline in 2020, the GDP per capita recovered to increase 7.4% in 2021. Rwanda’s GDP growth is expected to be 6.9% in 2022 and 7.9% in 2023.
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