Published on 8 Oct 2023 on Insider Monkey via Yahoo Finance

20 Most Advanced Countries in Africa

In this article, we will look at the 20 most advanced countries in Africa. If you want to skip our detailed analysis, you can head straight to the 5 Most Advanced Countries in Africa.

Africa holds tremendous economic potential with its abundant natural resources, a burgeoning population, and a rise in its middle-class population. These factors being the key drivers for Africa’s growth potential, set it on the cusp of becoming steadily integrated into the global economy. However, several challenges are hindering the growth such as extreme poverty in the region, its dependence on exports, and negligence of the government. Despite the weight of these persistent challenges on the region’s economic growth, Africa is becoming an opportunistic region.

According to the World Bank, Africa is forecasted to experience an economic growth of 3.9% by 2050. Africa is home to the world’s largest free trade area and a total of 1.2 billion people. The young and growing population presents countless opportunities for growth in the region. However, to truly harness these opportunities, it is imperative to make strategic investments in education, business innovation, and inclusive and sustainable initiatives in the region.