The top 5 countries that fuel Africa's economic growth

• Business Insider Africa presents the top five countries that power half of the entire African nations' GDP
• Data from the IMF shows that Africa's combined GDP in 2024 ($2.8 trillion) is supported by the strengths of its top five economies
• Recommendations for African countries include investing in key growth sectors and implementing policies to reduce the high cost of living.

Africa’s 1.4 billion population with its abundant resources makes it an investment heaven and the toast of several new businesses thus its status as a notable global economic player.

The African Development Bank Group in its latest Macroeconomic Performance and Outlook (MEO) report earlier this year, predicted that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024.

However, the distribution of GDP growth has been noticed to be unequal according to a report by the International Monetary Fund (IMF).

This report noted that from the 53 African countries sampled, the combined GDP of the big five countries which are South Africa, Egypt, Algeria, Nigeria, and Ethiopia ($1.4 trillion) made up half of the combined GDPs of the entire African nations.

South Africa’s position as number one on the list is a result of the country’s strong financial standing, vibrant manufacturing sector and its robust mining industry.

Egypt comes next in the second position due to its strategic position and control of the Suez Canal which generates significant revenue for the country while Nigeria comes in third position with its strong influence in the petroleum market.

Meanwhile, the rest of Africa, 48 countries in total, also have a combined GDP of $1.4 trillion.

To maintain this economic drive and sustain the improvements in GDP, African countries have been urged to focus more on investing in key growth sectors, as well as the implementation of domestic policies aimed at reversing policy effects that increase the cost of living.