FASTEST GROWING AFRICAN ECONOMY IN 2016

2016 is going to be  a challenging year for the African economy and world economy at large according to  IMF and world Bank figures. Based on IMF projections and World Bank's global economic prospects, African economies experienced a marginal decline in growth for  two years running compared to the previous years  due to the slump in oil prices which affected oil producing countries in Africa like Nigeria, Algeria, Angola etc.
     
 According to IMF and world economic forum, growth in Africa is expected to be around 5 percent on average basis while foreign direct investment is expected to grow at a slower pace compared to the previous years.
  Moreover, the growth for this year is slightly bigger than that of last year which stood around 42 percent on average.
 The growth for this year and last year has shown that African economy is slowly moving from Agricultural and raw material based economy to service based economy. For example, the fastest growing economies in Africa in 2016 has seen growth come from service sectors like banking telecommunication etc.
      
  Ivory Coast experiencing the fastest growth for any African country this year. The economy according to IMF is projected to grow by 8.5 percent compared to 8 percent it grew by last year. The subsaharan country is experiencing a boom in its public and private investment. The IMF is also helping the country lower it's budget deficit and control taxes.
 The second fastest growing is Tanzania, the  country's economy is expected to grow by 7 percent this year. The country has experienced an upward investment in its telecommunication sector, banking and tourism.
 Third on the list is Senegal, the country's gross domestic product is expected to grow by 6.6 percent and is largely due to government policies.
Here is a list of the top ten fastest growing economies according to IMF :

  1. Ivory Coast - 8%
  2. Tanzania - 7%
  3. Senegal - 6.6%
  4. Djibouti - 6.5%
  5. Rwanda-6.3%
  6. Kenya-6%
  7. Mozambique - 6%
  8. CAR-5.7%
  9. Sierra leone-5.3%
  10. Uganda-5.3%

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