Today, with an annual GDP of around $500 billion, Africa’s largest economy is 27th in the world. Today’s emerging markets are tomorrow’s powerhouses, according to a recent forecast from Standard Chartered, a multinational bank headquartered in London. Experts predict GDP of $330.7 billion. The report, titled EY’s Attractiveness Program Africa 2017, said the long-term outlook for Africa was far more positive as economies were in a fundamentally better place now than they were 15 to 20 years ago. Source:Supplied A total number of 139 FDI projects were implemented in the country, including Nestlé's launch of its instant coffee factory in KwaZulu-Natal after investing $87.4m in the plant’s expansion. The continent began to feel the aftermath of the Brexit vote in the period, with the UK share of foreign investment into African easing from 10percent in 2015 to 6.1percent last year. Around 60% of Algeria's workforce is employed in the public sector, and this country is expected to be the fourth largest economy in Africa in 2030. In August last year, Japanese Prime Minister Shinzo Abe announced $30bn in investment to Africa, including about $10bn committed toward electricity generation projects and for the upgrading urban transport systems and ports. The EIU has an established methodology for producing long-term economic forecasts for 82 economies. Morocco was Africa’s second largest recipient of FDI, with 81 projects. By providing your email, you agree to the Quartz Privacy Policy. Long-term forecasts and scenarios are also key to understanding some of the big economic issues that will shape global business in the coming decades. Nigeria will still come in behind Russia, Mexico, Turkey, and Saudi Arabia. The bank sees developing economies like Indonesia, Turkey, Brazil, and Egypt all moving up the ladder – and by 2030, it estimates that seven of the world’s largest 10 economies by GDP (PPP) will be located in emerging markets. “Overall growth is likely to remain robust, relative to most other regions over the next decade. The report said the continent attracted healthy foreign investment in the period across sectors. But other industries such as the booming film and telecommunications sectors, as well as manufacturing, have picked up in recent years. © 2020 Independent Online and affiliated companies. Today, with an annual GDP of around $500 billion, Africa’s largest economy is 27th in the world. South African companies invested in 29 projects valued at $1.6billion across the continent in the period. Kenya's GDP will be $107.5 billion in 2030, according to the projections. South Africa saw an increase of 6.9percent in FDI projects in the period compared to 2015 - accounting for 20.6percent of all projects undertaken in the continent in the period under review. Between now and 2030, Egypt’s economic status in the world will make a massive jump. Figure 3.3 shows the 2030 forecast of GDP shares (in US dollars) by country and region, based on this model. Structural evolution will continue, and as economic conditions improve globally, much of Africa will be well positioned to accelerate the growth momentum once again,” the report said. For the first time in a decade, investment accounted for more than half the Africa’s economic growth has stabilized at 3.4 percent in 2019 and is expected to pick up to 3.9 percent in 2020 and 4.1 percent in 2021 but to remain below historical highs. Investment per project averaged $139million, against $92.5m in 2015. South Africa, Morocco, Egypt, Nigeria and Kenya collectively attracted 58percent of the continent’s total FDI projects in 2016. All rights reserved, Please visit the official Government information portal for Coronavirus by clicking HERE. AFRICA is well on track to be a $3trillion (R39.63trln) economy by 2030 through economies of nineteen countries that are expected to grow more than 5percent in the process. This is 1 to 5% faster annual growth than the rest of the world. The title of Africa's second largest economy will still belong to South Africa in 15 years time according to experts who predict GDP will reach $810.6 billion -- nearly double current figures. Nigeria’s economy, which has been expanding by about 7% annually for the last decade, is largely dependent on oil.

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