Top 10 African countries with the lowest economic growth forecasts for 2024
Low economic forecasts create a challenging environment for businesses. Consumer spending tends to decrease as people become more cautious about their finances. Such forecasts usually reduce investor confidence and generally cause skepticism in contributing to the economy.
Additionally, financial institutions may tighten lending standards during economic downturns, making it harder for businesses, especially small and medium enterprises, to access the capital they need to operate and grow.
According to the United Nations ‘World Economic Situation and Prospects 2024, there are some African countries that may be met with these complications in 2024. These countries had the lowest economic projections for the year, with some posting more bleak figures for the year following this.
A low economic forecast is not just a matter of financial concern; it has widespread implications for the overall well-being of a nation. With that said here are the 10 African countries with the lowest economic growth prospects for 2024.
| Rank | Country | Real GDP growth projection 2024 | Real GDP growth 2023 |
|---|---|---|---|
| 1. | Sudan | -10.5 | -7.0 |
| 2. | Equatorial Guinea | -2.8 | -4.9 |
| 3. | South Africa | 1.4 | 0.5 |
| 4 | Lesotho | 1.6 | 1.1 |
| 5. | Tunisia | 1.8 | 1.5 |
| 6. | Malawi | 2.0 | 1.1 |
| 7. | Gabon | 2.3 | 2.1 |
| 8. | South Sudan | 2.5 | 0.6 |
| 9. | Namibia | 2.6 | 3.2 |
| 10. | Algeria | 2.7 | 3.1 |
