South Africa may displace Nigeria as Africa’s biggest economy – IMF

Our reporter/ The International Monetary Fund (IMF) has projected that South Africa could surpass Nigeria to become the largest economy in Africa.

According to the IMF’s World Economic Outlook, South Africa, which has one of the most robust economy in Africa, is estimated to approach a gross domestic product (GDP) of $401 billion by 2024.

Current IMF calculations suggest that Nigeria and Egypt, have GDPs of $395 billion and $358 billion, respectively.

The IMF also projects that South Africa will briefly surpass Nigeria, the most populous African nation, for a year before falling behind once again.

The report suggests that South Africa could potentially fall to third place, trailing behind Egypt in 2026.

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Some policies of the Tinubu administration like the fuel subsidy removal and the unification of the exchange rates at the I&E window have further mounted pressure on Nigeria’s struggling economy.

 

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