Top 10 Fastest Growing Sub-Saharan Economies in 2020 after COVID-19
Economic growth in sub-Saharan region is projected to contract by 1.6Pct in 2020, according to the World Economic Outlook report published by the International Monetary Fund (IMF). The Fund, which earlier forecasted that the region’s economy would grow by 3.1Pct, changed its previous estimates due to the economic disruption from the spread of the Coronavirus. Nigeria, whose economy is forecasted to contract by 3.4Pct, is the biggest loser amongst SSA countries while Uganda is the least affected by the outbreak. The fund also adjusted its prediction for Ethiopia from 6.2Pct to 3.2Pct due to the impact of the virus on the economy of the East African country. This is also a huge decline from nine percent growth rate it registered last year. EBR
| Rank | Sector | Growth Rate (in percent) |
|---|---|---|
| 1 | Uganda | 3.5 |
| 2 | Ethiopia | 3.2 |
| 3 | Senegal | 3 |
| 4 | Cote D'ivoire | 2.7 |
| 5 | Tanzania | 2.0 |
| 6 | Ghana | 1.5 |
| 7 | Mali | 1.5 |
| 8 | Kenya | 1 |
| 9 | Madagascar | 0.4 |
| 10 | Chad | -0.2 |
9th Year • May.16 – Jun.15 2020 • No. 86
Ethiopian Business Review
