Menu

Euromonitor International, a market research company, has forecasted the gross domestic product (GDP) of Sub-Saharan Africa to double by the year 2040, from the 2022 figure of $2 trillion to over $4.5 trillion.

Euromonitor’s report, Sub-Saharan Africa: A Rising Economic Frontier, looked at the economies of 46 countries in Africa as part of its research into the continent’s economic conditions, current and future.

Rising consumption, commodity exports, and foreign direct investment are expected to drive Africa’s economic growth, backed by a surge in the economies of East Africa.
 
Euromonitor forecasts that over the period 2022-2040, GDP in East Africa is expected to rise by 193% in real terms, a considerably faster rate than Central Africa (+128%), West Africa (+105%), and Southern Africa (+79%).

East Africa’s economic growth is predicted to be one of the fastest globally, outpacing other emerging and developing markets such as India (+164%), Vietnam (+171%) and Indonesia (+130%). The region is predicted to become a $1 trillion economy by 2037 and is anticipated to overtake Southern Africa as the second largest regional economy by 2039.