The Washington-based institution projects that South Africa, Africa’s most industrialised country, will become Africa’s biggest economy with a GDP of $373 billion–a position the IMF expects it to retain until 2027.
Egypt, which held the top position in 2023, is expected to drop to second place behind South Africa, primarily due to a series of currency devaluations.
Nigeria, once dubbed Africa’s largest economy, is set to relinquish its crown and slide to fourth place this year for similar reasons. Both countries have seen a downturn in their economic fortunes due to high inflation and a sharp devaluation of their currencies.
Despite a recent recovery, the naira remains 50% weaker against the dollar compared to its value before President Bola Tinubu took office last May.
Egypt, one of the emerging world’s most-indebted countries and the IMF’s second-biggest borrower after Argentina, also devalued its currency by over 35% to open the door for additional loans from the International Monetary Fund.
According to the IMF’s World Economic Outlook, Nigeria’s gross domestic product is estimated at $253 billion based on current prices this year, trailing Algeria’s at $267 billion, Egypt’s at $348 billion, and South Africa’s at $373 billion.
Below are the 10 largest economies in Africa in 2024 according to IMF:
| Rank | Country | GDP (billions) |
|---|---|---|
| 1 | South Africa | $373bn |
| 2 | Egypt | $347bn |
| 3 | Algeria | $266bn |
| 4 | Nigeria | $252bn |
| 5 | Ethiopia | $205bn |
| 6 | Morocco | $152bn |
| 7 | Kenya | $104bn |
| 8 | Angola | $92bn |
| 9 | Cote D’ Ivoire | $86bn |
| 10 | Tanzania | $79bn |
