In 2024, South Africa is anticipated to overtake Nigeria as Africa’s largest economy.
The International Monetary Fund reported this in its most current World Economic Outlook.
According to the IMF’s World Economic Outlook, South Africa’s GDP will reach $401 billion by 2024 at current prices.
The estimated amount would be greater than the GDPs of Egypt ($358 billion) and Nigeria ($395 billion).
South Africa is the continent’s most industrialized country and is anticipated to overtake it in 2024.
According to IMF predictions, South Africa’s economy would expand by 0.9% this year and 1.8% in 2024.
However, the survey predicted that Nigeria will overtake South Africa as the top nation in 2026, falling behind Egypt.
Furthermore, if South Africa fixes its problems with the country’s power supply, clears up its logistical problems, and makes other required reforms, there is the possibility for even faster development, ranging from 2.5 to 3%.
Nigeria’s economic growth, which was 3.3% in the previous year, is predicted to decline to 2.9% in 2023.
However, the IMF predicts that the economy would only expand by 3.1% in 2024 and blames the delay on the negative consequences of high inflation, which is presently at 26.72%.
