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Which African countries made the highest leap in GDP per capita in the last decade?

Only 3 African countries were capable of doubling their GDP per capita between 2013 and 2023. The performance is relatively poor compared to their South Asian counterparts.

Only 3 African countries were capable of doubling their GDP per capita between 2013 and 2023. The performance is relatively poor compared to their South Asian counterparts.

Last modified: Jan. 22, 2025, 9:23 p.m.

Leading nations

Ethiopia led the way, with a 123.21% increase in their GDP per capita. This means the income per capita more than doubled between 2013 and 2023. Besides Ethiopia, only two other African nations, Burundi and Guinea achieved similar but lesser magnitude in increasing two-fold the average national wealth per inhabitant, respectively at the rates of 110.79% and 102.71%. Ivory Coast and Tanzania fill up the ranking for the top 5 fast growing African nations of the last decades, with respectively 94.11% and 87.1% growth rate over the period. These countries have implemented in the last, profound reforms marked by active industrial policies and economic and social institutions improving the business environment and political advances ensuring a relatively strong political stability. However, it’s worth nothing none of Africans economies outpaced China (126.26%) and India (123.79%) during that period. Even Vietnam displayed a 111.21% growth rate, surpassing all African nations except Ethiopia. This relative performance of African nations outlines the imperial necessity for structural transformations that will boost their contribution to world trade and drive growth levels and persistency like those achieved by their counterpart in South Asia.

Laggers

At the bottom of the ranking, sit Equatorial Guinea (-35.56%), Sudan (-24.83%) and Libya (-19.87%). On average, citizens have become poorer. The Equatorial Guinea case emphasize the necessity for soundly defining and implementing a long-term growth strategy based on economic diversification by resource-rich countries. The Libyan and Sudanese cases point to the negative materiality of conflict on the economy. Fragile political systems usually coupled with internal social tensions and rivalries remain a significant risk for impoverishment in many African nations.

The way forward

The decade ahead presents significant headwinds to navigate through, like hypothetical contraction in global demand [of dark and grey commodities], political tensions in the Middle East, political elections with high risk of instability in many African nations. Meanwhile, there are also plenty of opportunities that could be seized to accelerate wealth creation and improve further living standards across the continent.

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Which African countries made the highest leap in GDP per capita in the last decade?

Only 3 African countries were capable of doubling their GDP per capita between 2013 and 2023. The performance is relatively poor compared to their South Asian counterparts.

Which African countries made the highest leap in GDP per capita in the last decade?

Only 3 African countries were capable of doubling their GDP per capita between 2013 and 2023. The performance is relatively poor compared to their South Asian counterparts.

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