Africa's growth at its highest level in 7 years, not thanks to its major savings

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The growth of the two largest African economies may be nibbling, but this will not prevent the continent's gross domestic product from growing as fast as at least 2012.

According to the African Development Bank, the continent's GDP growth is expected to accelerate to 4 percent this year, compared to 3.5 percent in 2018, making it the fastest growing region in the world after the crisis. # 39; Asia.

And this despite Nigeria and South Africa, which account for nearly half of the continent's GDP, "curbing Africa's average growth," as reported by the Abidjan-based lender in its latest report on economic prospects.

Big players late

Africa's two largest economies are among the lowest in the continent

Nigeria's GDP will increase by 2.3 percent in 2019, which is below the population growth rate, as the government struggles to reduce the country's oil dependence and attract foreign investment.

South Africa's expansion will be even slower, at 1.7%, as the continent's most industrialized economy struggles to recover from last year's recession. Both countries are on the list of the 10 lowest growth economies of the AfDB.

Project oneself

Economic growth in East Africa will continue to exceed the rest of the continent

As the West and West African powers struggle to gain momentum, the continent's economic growth will once again be driven by East Africa, which will the fastest growing region for the fifth year in a row.

Ethiopia, Kenya, Rwanda and Tanzania are all on the list of the 10 most dynamic economies of the ADB in 2019.

Egypt, the largest economy after Nigeria and South Africa, will also contribute to growth. Production in the Arab Republic's most populous country will increase by around 5.5 percent this year as structural government reforms attract more investment.

South Africa's slow growth, which affects neighboring countries, is due to weak growth in Southern Africa, the AfDB said.

The outlook for West Africa is more optimistic, but could be clouded by risks, including uncertainty over global commodity prices and security concerns in some countries, said the lender.