5 Fastest Growing Economies in Africa

4. Kenya

GDP growth in 2021 according to World Bank: 7.52%

Next on our list of the fastest growing economies in Africa is Kenya. The country’s economy saw broad-based growth averaging 4.8% per year from 2015 to 2019, which greatly decreased poverty. The COVID-19 pandemic shock that slammed the economy hard in 2020 caused disruptions in travel, tourism, and urban services. Fortunately, the agriculture industry, which is a pillar of the economy, maintained its resilience, assisting in keeping the decline in GDP to a mere 0.3%. Kenya’s economy expanded by 6.7% in 2021, mostly due to the demand-side factor of private consumption and the supply-side factor of services, both of which benefited from favorable policies and loosened COVID-19 regulations.