5 Fastest Developing Countries in 2023

3. Senegal

2023 Growth Percentage Change: 8.3%

Senegal, officially the Republic of Senegal, is a country in West Africa on the Atlantic Ocean coastline. The GDP of the country was valued at $27.63 billion in 2021. Moreover, the official estimate for Senegal’s GDP was $62 billion in purchasing power parity terms at the end of 2022. Senegal’s recent economic growth can be attributed to a more robust export portfolio, bolstered by increased private investment in the mining sector. Additionally, the country’s first gas project is set to begin operations by the close of 2023, further contributing to this growth.