As the only one of the three Africa largest economies (the others are Nigeria and South Africa) where GDP growth expanded strongly even at the peak of the pandemic downturn (3.3%), Egypt has become the symbol of growth resilience for the continent, according to the African Export-Import Bank (Afreximbank). Afreximbank’s report “Africa’s 2022 Growth Prospects: Poise under Post-Pandemic and Heightening Geopolitical Pressures” highlighted that Egypt is projected to account for 17% of Africa’s combined output expansion in 2022, up from 16% in 2021. The two largest economies, Nigeria and South Africa, are expected to account for 17% and 15%, respectively of aggregate output of the region. “Growth is projected to strengthen in North Africa — the fastest-growing sub-region — lifted by the impressive performance of Egypt, the territory’s largest economy,” the report read. Furthermore, the Afreximbank said, “While the three largest economies in the region (Egypt, Nigeria and South Africa) received nearly one third of Africa’s allocation, its economic impact has been most significant among low-income countries, which collectively received $13bn.

Source: The North Africa Journal June 12, 2022 04:49 UTC