South Africa to overtake Nigeria as Africa’s biggest economy

According to the IMF World Economic Outlook, South Africa, the most industrialised country on the African continent is reaching towards achieving $401 gross domestic product in 2024.

It said South Africa may further plummet to third place behind Egypt in 2026, according to the report, which was released last week. Those measures are causing initial pain in Nigeria, but are expected to increasingly pay dividends going forward. The IMF sees GDP expanding 3.1% next year, compared with 2.9% in 2023.

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