Africa’s Rise
A Continent of Diversifying Economies

The latest forecasts paint a promising picture of Africa’s economic landscape in 2024. The International Monetary Fund (IMF) reports a shift in the continent’s power rankings, with South Africa taking the lead as the largest economy, surpassing Nigeria and Egypt. While Nigeria faces internal challenges, other countries like Ethiopia demonstrate impressive growth. Ethiopia, now the fifth largest economy, is projected to maintain economic stability until 2030 thanks to ongoing reforms and strategic investments in critical areas. This highlights the crucial role of policy decisions and targeted spending in shaping a nation’s economic future.


Africa is home to a remarkable group of top female business leaders making significant contributions and breaking barriers in various industries. These women are reshaping the continent’s economic landscape and inspiring countless others to pursue their entrepreneurial dreams. From Kenya’s Njeri Rionge, a pioneer in the IT sector, to Angola’s Isabel do Santos, the wealthiest woman in Africa, and Nigeria’s Folorunsho Alakija, a successful businesswoman in the oil and fashion industries, and Ethiopia’s Bethlehem Tilahun Alemu, a prominent entrepreneur, has emerged as one of the top female business leaders in Africa.


Africa, the world’s second-largest continent in terms of land area and population, holds a prominent position on the global stage, rivalling only Asia. With over 11,724,000 square miles (30,365,000 square km), Africa covers approximately one-fifth of the Earth’s land surface. Its geographical features are diverse and captivating, with the continent bisected by the Equator, positioning most of its territory within the tropical region.

According to the International Monetary Fund (IMF), several highly indebted emerging countries have obtained significant loans from China. These loans are part of China’s broader investments in global infrastructure through the Belt and Road Initiative (BRI), also known as the New Silk Road. Launched in 2013, the BRI is an ambitious project to create an extensive network of railways, energy pipelines, highways, and streamlined border crossings.

In today’s interconnected world, businesses have increasingly sought opportunities beyond their national boundaries. Expanding into new markets and exploring investment prospects has become a viable option for companies looking to grow and thrive. While venturing into foreign markets can present challenges, several nations stand out as highly conducive environments for businesses and individuals alike. These countries offer welcoming business climates, robust infrastructure, stable economies, and supportive regulatory frameworks. Notably, Africa has emerged as a significant investment hub, with the continent experiencing impressive economic growth. Despite the presence of socioeconomic challenges, many African countries are rapidly evolving to become attractive destinations for business owners.

Ethiopian Airlines remains the top aviation brand in Africa’s Top 10 most admired brands in 2023. The airline flies to 131 international passenger and cargo destinations, including 63 African cities. With this figure, the airline enjoys the status of flying to more destinations on the continent than any other airline in the world. Among the 14 African brands in the Top 100 globally acclaimed brands, South Africa and Nigeria hold the most significant proportion of the African countries of origin.

Ethiopian Business Review | EBR is a first-class and high-quality monthly business magazine offering enlightenment to readers and a platform for partners.

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