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In this piece, we explore the top 5 rapidly expanding economies in Africa. For further insights into Africa's swiftly advancing economies, stay tuned.

5. Eswatini

Economic Expansion in 2021 as per World Bank: 7.43%

Located in Southern Africa, Eswatini is bordered by South Africa and Mozambique. Its economy is heavily intertwined with South Africa's, relying on it for approximately 85% of its import needs and 60% of its export revenue. In 2021, Eswatini experienced a significant economic revival, with its real GDP growth estimated to have surged to 7.4%, a substantial recovery from a 1.9% contraction in 2020. The easing of lockdown measures in 2021 played a crucial role in boosting its export-driven sectors, alongside a marked increase in external demand in its key export destinations.

4. Kenya

Economic Growth Rate in 2021 as reported by the World Bank: 7.52%

Kenya ranks next among Africa's most rapidly advancing economies. From 2015 to 2019, the nation enjoyed an average annual growth rate of 4.8%, significantly reducing poverty levels. The onset of the COVID-19 pandemic in 2020 heavily impacted the economy, disrupting sectors like travel, tourism, and urban services. Despite these challenges, the agricultural sector, a cornerstone of Kenya's economy, showed remarkable resilience, limiting the GDP's fall to just 0.3%. In 2021, Kenya's economic growth rebounded to 6.7%, primarily driven by private consumption and the services sector, both buoyed by supportive government policies and the easing of COVID-19 restrictions.

3. Rwanda

World Bank's Reported GDP Growth for 2021: 10.88%

Rwanda's economy experienced a downturn of 3.4% in 2020 due to the COVID-19 pandemic. However, a robust fiscal stimulus, swift vaccination efforts, gradual relaxation of COVID-19 measures, and a resurgence in global demand fueled a remarkable GDP growth of 10.9% in 2021. The sectors driving this growth included services (12%), industry (13%), and agriculture (6%). After a 5.9% contraction in 2020, the GDP per capita saw a significant recovery, growing by 7.4% in 2021. Projections for Rwanda's GDP growth stand at 6.9% for 2022 and an anticipated 7.9% for 2023.